{"id":78058,"date":"2023-06-19T01:04:22","date_gmt":"2023-06-19T01:04:22","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/06\/19\/international-consortium-led-by-south-koreas-posco-awarded-usd-6-7-bn-green-hydrogen-project-in-oman\/"},"modified":"2023-06-19T01:04:22","modified_gmt":"2023-06-19T01:04:22","slug":"international-consortium-led-by-south-koreas-posco-awarded-usd-6-7-bn-green-hydrogen-project-in-oman","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/06\/19\/international-consortium-led-by-south-koreas-posco-awarded-usd-6-7-bn-green-hydrogen-project-in-oman\/","title":{"rendered":"International consortium led by South Korea\u2019s Posco awarded USD 6.7 bn green hydrogen project in Oman"},"content":{"rendered":"

<\/a> Another step forward for Oman\u2019s green hydrogen ambitions: <\/strong>A consortium led by South Korea\u2019s steelmaking company Posco Group<\/a> was awarded a USD 6.7 bn contract to set up what they described as the world\u2019s largest green hydrogen plant in Oman\u2019s Duqm, The Korea Economic Daily<\/a> reported on Friday, citing sources it says have knowledge of the matter.<\/p>\n

What we know:<\/strong> The consortium consists of six companies including four Korean firms, French energy firm Engie, and a Thai corporation, KED reports. Posco will hold a 28% stake in the group, while French energy firm Engie will hold a 25% stake. The remaining ownership will be divided among two unnamed Korean state-run power companies with a 24% stake each, a 12% stake for Samsung Engineering, and the remaining 11% for Thai\u2019s PTT Exploration and Production company.<\/p>\n

Who is doing what:<\/strong> Posco Holdings<\/a>, the group\u2019s investment arm, is set to lead the project and manage the plant-building processes in the country, KED notes. Samsung\u2019s construction unit will be tasked with the engineering, procurement and construction (EPC) of the facilities, while the other companies will either produce or sell the green hydrogen generated by the plant.<\/p>\n

What we don\u2019t know:<\/strong> The sources did not provide details about the planned production capacity of the plant or an expected timeframe for the project, but a signing ceremony is expected on 21 June by the Omani authorities, according to the Korean news outlet.<\/p>\n

June is an eventful month for Oman\u2019s green hydrogen:<\/strong> Oman\u2019s state-owned hydrogen company Hydrom \u2014 owned by Energy Development Oman \u2014 signed three agreements earlier this month<\/a> granting the first three blocks of land for planned green hydrogen plants worth USD 20 bn. The three projects will have a cumulative production volume of 500k tons annually. It had signed six binding term sheet agreements \u2014 which it said were worth in excess of USD 20 bn at the time \u2014 with several regional and international developers for the production of green hydrogen back in March<\/a>.<\/p>\n

The sultanate has big ambitions:<\/strong> Oman is on track to become the sixth-largest exporter of<\/a>hydrogen<\/a> globally, according to a recent International Energy Agency report (pdf)<\/a>. Meeting Oman\u2019s target of producing 1 mn tons of low-carbon hydrogen annually by 2030 will require a 50 TWh increase in renewable power \u2014 which is more than the current size of the country\u2019s entire electricity system. However, Oman\u2019s abundant renewable energy resources, vast tracts of land, existing fossil fuel infrastructure that can be repurposed, and extensive expertise in handling and exporting LNG and ammonia should help the country reach its target.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another step forward for Oman\u2019s green hydrogen ambitions: A consortium led by South Korea\u2019s steelmaking company Posco Group was awarded a USD 6.7 bn contract to set up what they described as the world\u2019s largest green hydrogen plant in Oman\u2019s Duqm, The Korea Economic Daily reported on Friday, citing sources it says have knowledge of […]<\/p>\n","protected":false},"author":1,"featured_media":78059,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[269],"tags":[11,39,92],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-hydrogen","tag-enterpriseclimate","tag-green-hydrogen","tag-oman","wpautop","entry"],"acf":{"mongo_id":"f13d49f5-621e-4fc7-84f9-c254d8a9b06f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/425.jpg","photo_position":"above","related_issue":[78053],"teaser":"","voice_url":""},"yoast_head":"\nInternational 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