POSCO, Samsung C&T ink deal with Saudi fund to produce green hydrogen
SEOUL, Jan. 19 (Yonhap) -- South Korea's top steel maker POSCO and construction company Samsung C&T Corp said Wednesday they signed an agreement with Saudi Arabia's sovereign wealth fund on green hydrogen production.
Under the deal, the two companies will join hands with Public Investment Fund (PIF) to start a project in Saudi Arabia to produce hydrogen using renewable energy sources, such as solar and wind.
They signed the memorandum of understanding Tuesday during a business forum in Riyadh attended by South Korean President Moon Jae-in.
Moon held a summit with Saudi Arabian Crown Prince Mohammed bin Salman earlier in the day and agreed to boost cooperation between the two countries on green energy and hydrogen economy.
The two companies and PIF plan to select the site of the project and conduct feasibility studies within this year, according to POSCO.
PIF is among the largest sovereign wealth funds in the world with total investment assets of around 570 trillion won (US$478 billion).
In 2015, POSCO signed a deal to sell a 38 percent stake in its construction unit to PIF, and both have since continued to collaborate with each other.
Saudi Arabia is South Korea's largest trading partner in the Middle East.
South Korean President Moon Jae-in (5th from L, 1st row) joins a group photo session with other participants during an investment forum between South Korea and Saudi Arabia at a Riyadh hotel on Jan. 18, 2022. (Yonhap)
julesyi@yna.co.kr
(END)
-
Ateez realizes importance of direct interactions with fans during world tours -
U.S. B-1B strategic bomber returns to S. Korea as N.K. fires missile -
(URGENT) N. Korean leader Kim Jong-un calls for completing readiness for nuclear attack against enemies: KCNA
-
TWICE's new album hits No. 2 on Billboard 200 -
DP leader vows to use 'all possible means' to hold Yoon accountable over summit with Japan
-
Ateez realizes importance of direct interactions with fans during world tours -
(LEAD) S. Korea fully restores bilateral military information-sharing pact with Japan -
U.S. B-1B strategic bomber returns to S. Korea as N.K. fires missile -
Mask mandate on public transportation to end Monday -
S. Korean exports to Japan to rise if ties normalize: report
-
U.S. Forces Korea holds first deployment training of THAAD 'remote' launcher -
(LEAD) N. Korea tests 'underwater nuclear attack drone,' cruise missiles for nuclear warhead: KCNA -
(LEAD) Yoon vows to make N. Korea pay for reckless provocations -
(LEAD) U.S. Forces Korea holds first deployment training of THAAD 'remote' launcher -
(3rd LD) S. Korea to seek extradition of crypto fugitive Kwon from Montenegro
