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NEOM’s OXAGON To Receive Its First Industrial License | |
| Sumita Pawar |
According to the media, the Ministry of Industry and Mineral Resources of Saudi Arabia issued the first industrial licence for NEOM Green Hydrogen Company, Oxagon.
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It is a joint venture of NEOM, ACWA Power, and Air Products.
It is part of the Kingdom's plan to jumpstart the global hydrogen economy, become the world's biggest producer of hydrogen, and keep its position as a key player in the energy sector.
As highlighted in the report, in 2026, the NEOM Green Hydrogen plant will begin producing green hydrogen using 100% renewable energy.
It will produce 600 tonnes of green hydrogen per day and 1.2 million tonnes of green ammonia per year. To support decarbonization in the heavy transport sector, green ammonia will be exported.
The plant is expected to produce up to 5 million tonnes of CO2 each year.
The plant will begin operations at Oxagon in 2026.
The report concluded that 100% of the hydrogen will be exported to global markets as green ammonia under an exclusive, long-term agreement with the US-based Air Products Co.