ACWA Power (TADAWUL:2082), OQ, Oman’s leading integrated energy group, and Air Products (NYSE:APD) signed a joint development agreement (JDA) toward a multibillion-dollar investment in a world-scale green hydrogen-based ammonia production facility powered by renewable energy in Oman.
The JDA signing follows a memorandum of understanding signed in December 2021.
Envisioned for Oman's Salalah Free Zone, the joint venture project would be based on proven, world-class technology and include: the innovative integration of renewable power from solar, wind and storage; production of hydrogen by electrolysis; production of nitrogen by air separation; and production of green ammonia.
It is anticipated that the green hydrogen-based ammonia production facility would be equally owned by the project partners.
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food and beverage.
Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment.
OQ is wholly owned by the Government of Oman through the Oman Investment Authority (OIA) and is Oman's leading integrated energy group with businesses operating across the energy value chain.
ACWA Power (TADAWUL:2082) is a developer, investor and operator of power generation, desalinated water and green hydrogen production plants. Registered and established in 2004 in Riyadh, Saudi Arabia.
ACWA Power’s mission is to deliver electricity and desalinated water reliably and responsibly at a low cost, thereby contributing effectively to the sustainable, social and economic development of communities.