S. Korea firms agree to hydrogen venture in Saudi Arabia

The initial agreement coincides with Saudi Arabian Crown Prince Mohammed bin Salman’s visit to South Korea. – Reuters

SEOUL: Korea Electric Power Corp (Kepco) and others have signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund to build and operate a hydrogen and ammonia production plant in Saudi Arabia, three people have told Reuters.

The project will be worth about US$6.5bil (RM29.69bil), said one of the people, who declined to be identified as they were not authorised to speak with the media on the matter. The initial agreement coincides with Saudi Arabian Crown Prince Mohammed bin Salman’s visit to South Korea.