H2Oman green hydrogen project to target FDI

A major green hydrogen project planned for development in the south of the Sultanate of Oman is anticipated to draw in foreign direct investments to the tune of around $6.5 billion.

H2Oman is backed by a consortium comprising leading Saudi-based global energy and water services group ACWA Power, OQ Group of the Sultanate of Oman, and US headquartered industrial gases giant Air Products.

Envisioned for development in Dhofar Governorate, the project will generate around 1.1 million tonnes of green ammonia per annum based on 3 GW of solar and wind-based renewables capacity, and 2 GW of electrolyser capacity. Battery storage will be an integral part of the project as well.

Significantly, H2Oman will also benefit from a similar-sized green hydrogen scheme planned by two of the key consortium partners at NEOM, a futuristic city under construction in the northwestern part of Saudi Arabia.

Additionally, H2Oman is projected to pull in around $6.5 billion in foreign direct investments over the life of the project, the Project Lead noted, adding that the ICV component will be attractive as well.

Furthermore, as many as 15,000 jobs will be created during the construction phase, in addition to around 330 jobs when H2Oman is operational.