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S Korean firms agree to build hydrogen plant in Saudi Arabia -sources

SEOUL :Korea Electric Power Corp and others on Thursday signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund to build and operate a hydrogen and ammonia production plant in Saudi Arabia, three people told Reuters.

The project will be worth about $6.5 billion, said one of the people, who declined to be identified as they were not authorised to speak with media on the matter.

The initial agreement coincides with Saudi Arabian Crown Prince Mohammed bin Salman’s visit to South Korea.

The project built over 2025-2029 will span 396,694 square metres in Yanbu, Saudi Arabia, produce 1.2 million tonnes of green hydrogen and ammonia annually for 20 years, and be worth about $6.5 billion, Yonhap news agency reported earlier on Thursday, citing industry sources.

Korea Electric Power Corp (KEPCO), Korea Southern Power Co Ltd, Korea National Oil Corp, POSCO Holdings Inc and Samsung C&T Corp signed the agreement, Yonhap…

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