Marubeni Signs MOU with PIF for Clean Hydrogen Project
Marubeni has entered into an agreement with the Public Investment Fund (PIF), one of the biggest and most influential sovereign wealth funds globally. This Memorandum of Understanding (MOU) outlines a plan for the creation of a clean hydrogen project in Saudi Arabia.
Under the terms of the MOU, Marubeni and PIF will collaborate on a feasibility study to produce clean hydrogen in Saudi Arabia to supply the domestic and international markets with this renewable energy source.
PIF is a key player in driving Saudi Arabia's economic transformation and diversification and is committed to achieving the country's net-zero greenhouse gas emissions target by 2060. The organisation is actively involved in developing projects to support this goal.
Marubeni, a prominent developer and operator of international IPP and IWP, has a vested interest in four projects located in Saudi Arabia. The company intends to leverage its extensive business development and operational expertise in the country to collaborate with PIF on this new clean hydrogen project.
In February 2022, Marubeni unveiled its Green Strategy as part of its Mid-Term Management Strategy “GC2024”. The company aims to become a leader in the green business sector by promoting sustainable growth through environmentally friendly practices. With this project, Marubeni will contribute to both the sustainable growth of Saudi Arabia and the global society.