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PIF and Japan’s Jera explore green hydrogen projects

Saudi Arabia hydrogen Reuters/Hajer Abdulmohsin
Indian energry firm Acme Group raised $490 million last month to start its green hydrogen and ammonia project in Oman

Saudi Arabia’s Public Investment Fund (PIF) and Japanese energy company Jera Co. have signed a memorandum of understanding (MoU) to explore the development of green hydrogen projects and derivatives. 

The MoU allows the two companies to commence the necessary studies for projects in Saudi Arabia to support domestic and international markets.

Jera established Jera Middle East & Africa Management Co. Ltd. in Dubai in October 2021 to develop combined cycle power plants, large-scale renewable energy projects and green fuel production projects. 

The Japanese firm already has gas-fired power and desalination projects in the GCC region. It is actively seeking potential partners in the Middle East to expand its development of decarbonisation projects. 

French utilities firm Engie signed an initial agreement with PIF earlier this month to develop green hydrogen projects in the kingdom.

Saudi Arabia, Opec’s top oil producer, wants to strengthen its global competitiveness and diversify its hydrocarbons-dependent economy under the Vision 2030 roadmap, and investing in renewables is one way of doing this. 

The kingdom has pledged to generate at least 50 percent of its power from renewable sources by 2030 through the Saudi Green Initiative, diversifying away from oil exports.  

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