A multinational consortium led by South Korea’s POSCO Holdings has successfully obtained exclusive rights to develop and produce green hydrogen in the Duqm region of Oman for 47 years. This venture marks the most extensive overseas green hydrogen project initiated by a Korean company. Alongside POSCO Holdings, the consortium comprises Samsung Engineering, Korea Southern Power, Korea East-West Power, Engie from France, and PTTEP from Thailand.

The consortium’s plan includes the construction of a 5-gigawatt renewable energy complex on a secured site of approximately 131 square miles (340 square kilometers) — roughly half the total area of Seoul. The complex is designed to produce 220,000 tons of green hydrogen annually. A significant portion of this hydrogen will be synthesized into approximately 1.2 million tons of ammonia for secure and efficient transportation. South Korea will import this ammonia for various applications, including clean energy production and hydrogen reduction steelmaking. The consortium anticipates beginning the construction of renewable energy facilities and green hydrogen and ammonia synthesis plants in 2027, with a target completion date set for 2030.