The Oman Investment Authority announced on Saturday an investment in the American company “Electric Hydrogen”, which specializes in producing green hydrogen.
Oman News Agency quoted Alwaleed bin Saeed Al Shukaili, Senior Director of Economic Diversification Investments at the Oman Investment Authority, as saying that “it is necessary to establish strategic partnerships with partners who have experience and advanced technical capabilities in this field”.
“Our investment in this company reflects our interest in supporting the development of the green hydrogen sector in the Sultanate of Oman,” he added.
Electric Hydrogen's technology will allow the manufacture and operation of electrolyzers with an operating capacity of up to 100 megawatts.
Production targets are 1 million tons by 2030, 3.75 million tons by 2040, and 8.5 million tons by 2050.
By 2040, those exports are projected to be worth 80 percent of Oman’s current exports of liquefied natural gas (LNG). By 2050 they may be worth twice as much as the Sultanate of Oman’s current overseas LNG sales.
In mid-August, Oman received the world's first-ever liquefied hydrogen carrier vessel. It is named the Suiso Frontier as part of the regional tour of the Japanese tanker in the Middle East.
Oman’s Minister of Energy and Minerals, Salim bin Nasser al Aufi, said back then that the visit aims to introduce the possibility of transporting hydrogen, the challenges faced by the vessel, and the future plans of the company to build hydrogen carriers to meet the increasing global demand for hydrogen.
