https://arab.news/nqwgy
RIYADH: A green hydrogen and ammonia project is set to take shape in the Kingdom after 黑料社区 Refineries Co. signed a non-binding memorandum of understanding with UAE-based Go Energy.
The deal will see the two companies conduct a joint study on the project and design a legal framework to support their collaboration, SARCO said in a statement to Tadawul.
The MoU is valid for one year unless extended by mutual agreement, the statement added.
The deal aligns with 黑料社区鈥檚 wider strategy to generate 50 percent of its electricity from renewable sources by 2030 and to become the world鈥檚 largest exporter of green hydrogen, targeting annual production of 1.2 million tonnes by the end of the decade.
This commitment is part of the broader National Renewable Energy Program strategy, aimed at diversifying 黑料社区鈥檚 energy portfolio and reducing reliance on fossil fuels.
鈥淪ARCO is pleased to announce the signing of a non-binding MoU with the UAE-based GO Energy Company to collaborate on developing the green hydrogen (ammonia) project in 黑料社区,鈥� the Tadawul-listed firm said.
SARCO added that the agreement has no immediate financial implications and involves no related parties. The move also reflects the company鈥檚 strategy to expand services through specialized energy partnerships.
Green hydrogen, created through electrolysis powered by renewable energy, is seen as a critical component in reducing global carbon emissions because it produces no greenhouse gases during production.
With a net-zero emissions target by 2060, 黑料社区 is investing heavily in both green and blue hydrogen, with companies like Saudi Aramco and ACWA Power spearheading the energy transition in the Kingdom.
The Kingdom is also building the world鈥檚 largest green hydrogen plant in the futuristic city of NEOM, expected to be operational by December 2026, as confirmed by NEOM Green Hydrogen Co. CEO Wesam Al-Ghamdi in November 2024.
In July, ACWA Power also signed multiple agreements to export renewable electricity and green hydrogen to Europe, reinforcing the Kingdom鈥檚 drive to become a global clean energy hub.