Japanese conglomerate Marubeni Corporation has signed an MoU with Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), to establish a framework for building a clean hydrogen project in Saudi Arabia.
Marubeni and PIF will initially conduct a feasibility study for producing clean hydrogen in Saudi Arabia, the Japanese firm said in a statement. The project aims to supply clean hydrogen to both domestic and international markets.
PIF is advancing Saudi Arabia’s economic transformation and diversification by actively developing projects to help the country achieve its net zero GHG emissions target by 2060.
Marubeni, a developer and operator of international independent power and water projects, has ownership interests in four projects in the kingdom.
The company will proceed with the proposed project along with PIF by using the knowledge gained through its business development and operations in Saudi Arabia.
Earlier on Wednesday, Saudi Arabian utility developer ACWA Power, partly owned by the PIF, signed financing agreements for a total investment of $8.5 billion for the NEOM Green Hydrogen Project, which is expected to be commissioned in 2026.