H2Oman green hydrogen project to target $6.5bln worth FDI

H2Oman green hydrogen project to target $6.5bln worth FDI

A major green hydrogen project planned for development in the south of the Sultanate of Oman is anticipated to draw in foreign direct investments to the tune of around $6.5 billion, a key project official has revealed.

Eng Siddiqa al Lawati , Project Lead, said the proposed H2Oman venture – one of half a dozen ‘Legacy Initiatives’ unveiled prior to the formal launch of Oman’s National Hydrogen Strategy in October – will unleash significant environmental, financial and social benefits for the country.

Speaking at an energy forum held in Muscat recently, Siddiqa – who is part of the Alternative Energy Unit at Omani energy group OQ – added that the project will also include a sizable In-Country Value (ICV) component.

H2Oman is backed by a consortium comprising leading Saudi-based global energy and water services group ACWA Power, OQ Group of the Sultanate of Oman, and US headquartered industrial gases giant Air Products.

Envisioned for development in Dhofar Governorate, the project will generate around 1.1 million tonnes of green ammonia per annum based on 3 GW of solar and wind-based renewables capacity, and 2 GW of electrolyser capacity. Battery storage will be an integral part of the project as well.

Significantly, H2Oman will also benefit from