Credit By: Arabiandaily news for oman
The Oman Investment Authority (OIA) has announced a significant investment in Electric Hydrogen, an American company specializing in green hydrogen production. This move aims to bolster the development of the green hydrogen sector within Oman and is in line with Oman’s broader economic diversification strategy.
Alwaleed bin Saeed Al Shukaili, Senior Director of Economic Diversification Investments at OIA, emphasized the importance of forging strategic collaborations with partners who possess technical expertise in the green hydrogen field. “Our investment in Electric Hydrogen is reflective of our interest in the green hydrogen sector,” he said.
Electric Hydrogen’s technology promises the creation and operation of electrolyzers that can function at an operating capacity of up to 100 megawatts. These electrolyzers will play a crucial role in green hydrogen production, which is seen as a key component in renewable energy and sustainability.
The investment aims to ramp up green hydrogen production in the coming years significantly. The set targets are ambitious:
- 1 million tons of green hydrogen by 2030
- 3.75 million tons by 2040
- A staggering 8.5 million tons by 2050
These numbers are not just impressive in isolation; they have far-reaching implications for Oman’s economy. The green hydrogen exports are expected to be worth 80% of Oman’s current liquefied natural gas (LNG) exports by 2040. By 2050, this figure could double, making green hydrogen a cornerstone of Oman’s export portfolio.
A Step Toward Hydrogen Transportation
Oman is no stranger to hydrogen innovation. In August, the Sultanate received the world’s first-ever liquefied hydrogen carrier vessel, the Suiso Frontier, as part of its Middle Eastern tour. Salim bin Nasser al Aufi, Oman’s Minister of Energy and Minerals, highlighted that the visit aimed to explore the logistical challenges and opportunities in hydrogen transportation, keeping in mind the growing global demand for hydrogen.
The Oman Investment Authority’s investment in Electric Hydrogen is a strategic move that aligns with the nation’s diversification and sustainability goals. By bringing in advanced technology and setting ambitious production targets, Oman is positioning itself as a major player in the rapidly growing green hydrogen market, with the potential for significant economic benefits in the long term.
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