SARCO is advancing its green hydrogen strategy through new partnerships
Saudi Arabia Refineries Co. (SARCO) signed on May 15 a non-binding memorandum of understanding (MoU) with China Ally Hydrogen Energy Co., Ltd., according to a statement to Tadawul.
The MoU aims to establish a green ammonia production plant in Jazan Industrial City; establish a local center for assembling and manufacturing hydrogen production and purification equipment in Jazan Industrial City, and establish a research and development center in cooperation with local Saudi universities to promote innovation in green hydrogen and ammonia technologies.
The MoU will come into effect from the signing date and will remain valid for one year unless otherwise agreed in writing.
The deal is expected to reflect positively on the company’s financial statements by the end of Q3 2028.
The deal included no related parties.
SARCO is advancing its green hydrogen strategy through new partnerships
Saudi Arabia Refineries Co. (SARCO) signed on May 15 a non-binding memorandum of understanding (MoU) with China Ally Hydrogen Energy Co., Ltd., according to a statement to Tadawul.
The MoU aims to establish a green ammonia production plant in Jazan Industrial City; establish a local center for assembling and manufacturing hydrogen production and purification equipment in Jazan Industrial City, and establish a research and development center in cooperation with local Saudi universities to promote innovation in green hydrogen and ammonia technologies.
The MoU will come into effect from the signing date and will remain valid for one year unless otherwise agreed in writing.
The deal is expected to reflect positively on the company’s financial statements by the end of Q3 2028.
The deal included no related parties.
