Memorandum of Understanding with PIF for the Development of a Clean Hydrogen Project in Saudi Arabia

Mar. 02, 2023
Marubeni Corporation

On March 1, 2023, Marubeni Corporation (hereinafter, “Marubeni”) signed a Memorandum of Understanding (hereinafter, “MOU”) with the Public Investment Fund (hereinafter, “PIF”), one of the world’s largest and most impactful sovereign wealth funds, to set out a framework for the development of a clean hydrogen* project in Saudi Arabia (hereinafter, “Project”). Under the framework of this MOU, Marubeni and PIF will initially conduct a feasibility study for producing clean hydrogen in Saudi Arabia, with the aim to supply clean hydrogen to both domestic and international markets.

PIF is playing a critical role in advancing Saudi Arabia’s economic transformation as well as diversification, and is actively developing projects which will help the country achieve its net zero GHG emissions target by 2060. 

Marubeni, as a leading developer and operator of international IPP and IWP, has ownership interests in four projects in Saudi Arabia. It will proceed with this Project together with PIF utilizing the knowledge it has acquired through its business development and operations in Saudi Arabia.

In February 2022, Marubeni set forth the company’s Green Strategy in its Mid-Term Management Strategy “GC2024” and aspires to become a forerunner in green business through enhancing its current green business and “greening” all its business segments. Through this Project, Marubeni will contribute to the sustainable growth of global society and of Saudi Arabia. 

*Green hydrogen made from renewable energy and any other types of low-carbon hydrogen