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S.Korean Firms To Agree To Build Hydrogen Plant In Saudi Arabia - Sources

PARIS, France - Korea Electronic Power Corp and other firms are signing a memorandum of understanding with Saudi Arabia's Public Investment Fund to build and operate a green hydrogen and ammonia production plant in Saudi Arabia, three sources said on Thursday.

The agreement coincides with Saudi Arabia's Crown Prince Mohammed bin Salman's visit to South Korea.

The plant project, spanning 395,694 square meters in Yanbu, Saudi Arabia to be built in 2025-2029 and operated for 20 years, is expected to produce 1.2 million of green hydrogen and ammonia annually and is worth about $6.5 billion dollars, Yonhap news agency reported, citing industry sources.

One of the three sources confirmed the estimated amount. The sources declined to be identified as they were not authirised to speak to the media.

Korea Electric Power Corp (KEPCO), Korea Southern Power, Korea National Oil Cooperation, POSCO Holdings and Samsung C&T are among the firms signing the initial agreement, Yonhap said.

KEPCO said it will make an announcement later on Thursday. Korea National Oil Cooperation did not have an immediate comment. POSCO Holdings declined to comment. Korea Southern Power and Samsung C&T could not be immediately.



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