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Japanese company Marubeni is looking to produce clean hydrogen in KSA

Japanese Marubeni said on Thursday, that it has agreed with the Saudi PIF to study the production of clean hydrogen in the Kingdom.

 

The statement came as Riyadh is exploring clean energy to reduce its dependence on oil.

 

The kingdom is looking to add other energy sources, including clean fuels and renewables, to diversify its economy.

 

Saudi Arabia is a leading country in oil production and a significant member of the Organization of the Petroleum Exporting Countries (OPEC).

 

Marubeni said it had agreed with the PIF to conduct a feasibility study for producing clean hydrogen for the domestic and international markets.

 

The Saudi Public Investment Fund is a pivotal part of the kingdom’s quest to reduce its dependence on oil.

 

The PIF said last year that it plans to invest more than $10 billion in green projects by 2026.

 

The PIF manages more than $600 billion in assets.

 

The kingdom intends to invest in green projects including renewable energy, clean transportation, and sustainable water management.

 

Saudi Arabia plans to reach net zero emissions by 2060, also through the development of carbon capture and storage centers.

Marubeni Corporation is one of the largest sogo shosha and has leading market shares in cereal and paper pulp trading.

it also has a strong electrical and industrial plant business, Marubeni is a member of the Mizuho keiretsu.

 

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