Saudi Arabia’s ACWA Power to ink $7bn green hydrogen deal with Omanoil

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia-based power plant developer ACWA Power will sign a $7 billion worth deal with Omanoil and Air Products to manufacture green hydrogen in Oman’s Salalah Free Zone.

According to the reports, Omani and Saudi companies have signed 13 memorandums of understanding (MoUs) with a potential value of more than $10 billion. The agreements are in line with Saudi Crown Prince Mohammed bin Salman’s visit to Oman as part of a GCC-wide tour.

The Oman Minerals Development Company and the Saudi Maaden Company have agreed to examine mining exploration and development possibilities. The Muscat Stock Exchange and the Saudi Tadawul Group have signed an MoU to collaborate in stock exchange operations and dual listing of companies.

As per the reports, the Crown Prince will meet with leaders and senior officials from the UAE, Qatar, Bahrain, and Kuwait to explore bilateral relations. The visits come ahead of the GCC’s annual summit, which will be held in Riyadh in mid-December.

“The Crown Prince’s tour follows visits by French President Emmanuel Macron to several Gulf states including the UAE, Qatar, and Saudi Arabia – the first time a major Western leader had visited the Kingdom since 2018,” the reports said.

Recently, ACWA Power signed an MoU with France-based Groupe BPCE’s subsidiary Natixis Corporate & Investment Banking (Natixis CIB) in order to collaborate on the advancement of ACWA Power’s projects in Saudi Arabia.

Last month, Saudi Aramco, Air Products (APD), ACWA Power, and Air Products Qudra have finalized definitive agreements for the acquisition and project financing of the $12 billion air separation unit (ASU)/ gasification/power joint venture (JV) in Jazan Economic City in the Kingdom.

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