Korean steel giant and Samsung win $6.7bn deal to develop green hydrogen project in Oman
A Posco-led consortium will build what is reported to be the world’s largest renewable H2 plant in Duqm — although details on capacity and timelines remain murky
Hydrogen: hype, hope and the hard truths around its role in the energy transition
But while a signing ceremony is expected to take place on 21 June, details on the contract and the project remain murky.
Given the consortium is reportedly given permission to develop a project in Duqm, this looks to be another winning bid from the country’s Hydrom auction for land leases.
Posco is the development consortium’s largest shareholder with 28%, while fellow Korean industrial giant Samsung holds 12% equity and is expected to lead on the engineering, procurement and construction of the plant. A further 24% is owned by two unnamed state-owned Korean power companies, while France’s Engie and Thai state petroleum company PTTEP hold a respective 25% and 11%.
The International Energy Agency (IEA) recently stated in a report that it expects Oman to be the Middle East’s largest green hydrogen exporter by 2030, with most volumes likely to be shipped as ammonia.