Oman Signs $10 Billion in Green Hydrogen Deals To Boost Net-Zero Ambitions
Oman’s Hydrom has signed agreements worth $10 billion to develop two new green hydrogen production projects with a consortium of South Korea’s Posco and French firm Engie, and the Hyport Duqm initiative, according to the country’s state news agency. The new projects will be located in the Al Wusta governorate, Oman News Agency said.
Following the previous award of three projects earlier this month, Oman has in total awarded five large-scale green hydrogen projects, representing a total investment of more than $30 billion and with a total expected production of 750,000 tons per annum.
The contracts tie into Oman’s plan to produce more than 1 million tpa of green hydrogen by 2030, increasing to 8 million tpa by 2050. This will involve a cumulative investment value of $140 billion.
During the event, Hydrom also launched the second bid round of its auction process, which provides companies with the opportunity to submit investment proposals to develop more large-scale green hydrogen projects,
This round will focus on land blocks in the governorate of Dhofar, and the auction is set to conclude by the end of the first quarter of 2024. Hydrom’s three deals signed earlier this month were with a consortium of Amnah, Green Energy Oman and BP Oman.
The total investment from those contracts is expected to exceed $20 billion, with the developments projected to yield a total production capacity of 500,000 tons of green hydrogen per annum.
