Saudi ACWA power to sign $7 billion green hydrogen deal with Omanoil

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Saudi Arabia’s ACWA power will sign a $7 billion deal with Omanoil and Air Products on Tuesday to produce green hydrogen in the Salalah Free Zone of Oman, Al Arabiya reported.

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The deal comes amidst a raft of new agreements between the two Gulf countries, signed on the back of a visit by Saudi Crown Prince Mohammed bin Salman on Monday.

Omani and Saudi companies signed a total of 13 memoranda of understanding (MoU) on Monday.

Oman’s state television reported that the Oman Minerals Development Company signed a deal with the Saudi Maaden Company to assess exploration and development opportunities in the mining sector.

The Muscat Stock Exchange signed an MoU with the Saudi Tadawul group to cooperate in stock exchange operations and dual listing of companies.

Saudi Arabia’s Crown Prince is also expected to visit the United Arab Emirates, Qatar, Kuwait, and Bahrain on his Gulf tour.

The diplomatic visits come ahead of the annual GCC summit, to be held in Riyadh in mid-December.

The Crown Prince’s tour follows visits by French President Emmanuel Macron to several Gulf states including the UAE, Qatar, and Saudi Arabia – the first time a major Western leader had visited the Kingdom since 2018.

With Reuters

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