Saudi PIF Signs MoU to Develop Green Hydrogen Production

Saudi PIF Signs MoU to Develop Green Hydrogen Production

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) announced on Tuesday the signing of a three-party MoU with the goal of developing a project to produce green hydrogen for export. The MoU was signed during the Saudi-Korean Investment Forum held in Riyadh.

The MoU was signed on the sideline of the official visit by South Korean President Moon Jae-in to the Kingdom where he met with Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

It was signed by Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF, Yoo, Byeong-Og, head of industrial gases and hydrogen business unit of POSCO, and Oh, Se-chul, president and CEO of Samsung C&T Engineering & Construction Group, in the presence of several government representatives and other stakeholders.

Minister of Energy Prince Abdulaziz bin Salman, South Korea’s Minister of Trade, Industry and Energy Moon, Sung Wook, and PIF Governor Yasir Al-Rumayyan, also attended.

Through participation in the green hydrogen project, the three parties aim to enable the Kingdom’s strategy to play a leading role in the Low Carbon Hydrogen market to support global efforts to build a more sustainable future through the reduction of