{"id":80147,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/05\/bp-to-acquire-49-in-omans-hyport-duqm-green-hydrogen-project\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"bp-to-acquire-49-in-omans-hyport-duqm-green-hydrogen-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/05\/bp-to-acquire-49-in-omans-hyport-duqm-green-hydrogen-project\/","title":{"rendered":"BP to acquire 49% in Oman\u2019s Hyport Duqm green hydrogen project"},"content":{"rendered":"

Deme + OQ partner up with BP for Oman\u2019s <\/strong>Hyport<\/strong> Duqm project:<\/strong> British oil giant BP will buy a 49% stake in Belgian dredging firm Deme and Omani state oil company OQ\u2019s Hyport Duqm green hydrogen project<\/a>, according to a statement (pdf)<\/a> released last week. Under the agreement, BP will serve as the operator of the project which is being developed in Oman\u2019s Special Economic Zone at Duqm (SEZAD).<\/p>\n

What we know: <\/strong>The transaction is slated for completion in 3Q 2024 and the green ammonia produced from green hydrogen at the facility will be exported to European and Asian markets.<\/p>\n

More details: <\/strong>The project \u2014 the first large-scale green hydrogen project in Oman \u2014 covers an area of 150 sq km at SEZAD with a production capacity of 1.3 GW in the first phase and more than 2.7 GW upon completion of the second phase. The project aims to supply several industries that have set decarbonization goals. The project is in the pre-front-end engineering design phase and is set to be operational in 2030-2031.<\/span><\/p>\n

Deme has footprints in the region: <\/strong>An international consortium led by Deme will set up a green hydrogen and green ammonia plant in Egypt\u2019s Port of Gargoub\u2019s industrial zone<\/a> after the firm inked an agreement with the New and Renewable Energy Authority (NREA) and the Alexandria Port Authority. <\/p>\n

Background:<\/strong> Oman is targeting the production of 1.38 mn tons of hydrogen<\/a> annually by 2030. Its state-owned Hydrom<\/a> signed an agreement last year with the Hyport Duqm Consortium for the construction of a green hydrogen production facility to produce some 1 mn tons of green ammonia. OQ Alternative Energy \u2014 the green unit of OQ \u2014 is also among the backers of the Green Energy Oman<\/a> clean fuel hub, which will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables.<\/p>\n","protected":false},"excerpt":{"rendered":"

Under the agreement, BP is set to acquire a 49% stake in the project, while OQ and Deme will maintain a 25.5% stake<\/p>\n","protected":false},"author":1,"featured_media":80148,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[941],"tags":[137,142,32],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-ma-watch","tag-oman","tag-trade","wpautop","entry"],"acf":{"mongo_id":"0bdabb64-a8e5-47b8-aa15-bb1b21b4b8b1","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/294.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BP to acquire 49% in Oman\u2019s Hyport Duqm green hydrogen project","related_issue":[80140],"teaser":"Under the agreement, BP is set to acquire a 49% stake in the project, while OQ and Deme will maintain a 25.5% stake","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.a662e7f7-80cf-4a71-9e32-f47fffcd14a3.mp3"},"yoast_head":"\nBP to acquire 49% in Oman\u2019s Hyport Duqm green hydrogen project - 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