Oman seeks investment in green hydrogen field

Oman Saturday 27/May/2023 17:56 PM
By: Times News Service
Oman seeks investment in green hydrogen field

Seoul: An Omani delegation comprising a number of government and private agencies, headed by Mohsin bin Hamad Al Hadhrami, Undersecretary of the Ministry of Energy and Minerals, is on a visit to the Republic of South Korea.

The visit is aimed at enhancing the Sultanate of Oman’s investments  in green hydrogen, oil, gas and minerals in the country, and to review the available opportunities with government officials and senior representatives of companies to develop the in-country value chain.

During his visit to the Republic of South Korea, Al Hadhrami met with a number of government officials and the private sector, and discussed with them opportunities in the fields of renewable energy, green hydrogen production, transportation and storage projects between the two countries, and finding ways to meet economic and environmental aspirations.

During the visit, a number of business meetings were also held with major Korean companies, notably Samsung, Hyundai, Posco and SK, which expressed their desire to invest in green hydrogen, oil, gas and minerals sectors in Oman.

The Undersecretary of the Ministry of Energy and Minerals explained that the visit is related to the production of green hydrogen.

He  pointed out that the Ministry of Energy and Minerals has developed an ambitious strategy to ensure the development of a green hydrogen economy, and is also working on promoting this sector because of its positive impact on diversifying energy sources and reducing carbon emissions to reach zero neutrality.

It also constitutes a strategic opportunity for Omani and international companies to cooperate and participate in supporting energy security at the local and global levels and achieving economic diversification, he said.

The Ministry of Energy and Minerals has already started offering opportunities to invest in green hydrogen production projects through the Oman Hydrogen platform “Hydrom”.

He stressed that the Ministry is working with its partners in the sector to consolidate the position of the Sultanate of Oman in assuming a pioneering, reliable and competitive role in the global energy sector, and to enhance national capabilities by supporting national innovation, localising industry and advanced technologies in the field, and developing national competencies with the development of the renewable energy and hydrogen sector.

He noted that these visits are part of the programme for the large-scale promotion of renewable energy and clean hydrogen, and reflect the interest of the Ministry of Energy and Minerals in this sector to maximise commercial opportunities and strategic partnerships in the production and export of hydrogen locally and internationally.

It also works to accelerate the entry of hydrogen into the local heavy industries and energy sectors.
On the sidelines of this visit, the delegation participated in the Global Climate Industry Conference and the Global Green Hub Conference in Busan, the delegation took part in a special discussion between the Republic of Korea and the Sultanate of Oman in the field of green hydrogen in the presence of Minister of Environment of the Republic of Korea, Han Wha-jin and senior officials from the Korean and Omani private sectors and the Omani Energy Association.

The discussion revolved around investment opportunities in the hydrogen sector in both countries, and the economic, legislative and technological opportunities facing the sector and how to expand the volume of green hydrogen production. The two sides also discussed the latest technologies related to the added value chain of green hydrogen related to electrolysis, hydrogen transport and storage, fuel cells, uses of hydrogen in heavy industries, transport and methods of shipping it across oceans. In reducing carbon emissions, and the future of mobility.

The delegation made a field visit to the Cheongsongdae factory, during which they were briefed on a pilot project for a pipeline specialised in transporting hydrogen gas by extracting it from the gas with carbon capture and converting it into blue hydrogen, in addition to a field visit to POSCO, a company specialising in iron industries, to see the technologies for iron production.

On the Omani-Korean relations in the field of oil and gas; Dr. Saleh bin Ali Al-Anbouri, Director General of the Directorate General of Oil and Gas Exploration and Production at the Ministry of Energy and Minerals, explained that these relations are a strategic partnership between the two sides, in which the realisation of common interests is important, and it is important for the Korean side to secure a safe and continuous supply of energy of all kinds, and for the Sultanate of Oman to attract funds, technology and many industrial experiences owned by Korean companies.

He said that this visit aims to attract Korean exploration and production companies, which have the financial capabilities and technical expertise to carry out these operations. A group of offshore concessions that will be launched in the third quarter of this year.

He explained that the mechanism for increasing the oil concession areas, contracting methods and facilities provided by the government of the Sultanate of Oman was clarified to achieve a clear contract that details the obligations between the government and the operating companies, and achieves the continuity of the relationship and the sustainability of the sector.