NEOM Green Hydrogen Co. has signed credit agreements with local, regional and international banks and a commitment letter with the Saudi Industrial Development Fund to build a green hydrogen based ammonia production plant. NGHC, an equal joint venture founded by ACWA Power, Air Products and NEOM, said that the development project will be put into operation in 2026 and will become the world's largest green hydrogen based ammonia production plant.

Through the exclusive long-term agreement signed with the air product company, 100% of the green hydrogen produced will be used for global export in the form of ammonia. David R. Edmondson, CEO of NGHC, said that the company has a clear mission, that is, to use the expertise and vision of its partners to accelerate the global green hydrogen economy according to the vision of 2030.

The recent investment community meeting held in Riyadh is an important step towards the milestone of achieving financial settlement in early 2023 to provide the world's largest facility for large-scale production of green hydrogen. We thank the shareholders and the investment community for their strong support to achieve this goal. The statement of NGHC emphasized that the transaction behind the development was constructed with the strong participation of SIDF and the National Infrastructure Fund. MEED, a global consulting company, reported last month that NEOM was negotiating with entities to invest US $20 billion in the industrial city OXAGON to develop its planned saline chemicals complex. The development project will be constructed in phases, requiring an investment of 15 billion to 20 billion dollars.

According to the report, the chemical complex aims to establish industries and factories to convert the main waste of seawater desalination into industrial materials that can be used locally or exported internationally. ENOWA, the water and energy subsidiary of NEOM, said that the brine produced by the desalination plant would be treated to use high-purity industrial salt, bromine, boron, potassium, gypsum, magnesium and rare metal raw materials to enter the feed industry. In September, Peter Terium, CEO of ENOWA, received an exclusive interview with Arab news during the International Conference on the Future of Seawater Desalination held in Riyadh and said that NEOM would build a desalination plant before 2024 to deal with the shortage of water resources.

NEOM is the most ambitious project in Saudi Arabia, as the Kingdom aims to achieve economic diversification according to the goals outlined in the Vision 2030. The construction of the project in Tabuk Province in the northwest of Saudi Arabia is progressing steadily. Upon completion, it is expected to become one of the most popular tourist destinations in Saudi Arabia.Editor/Xing Wentao