The agreement coincides with the visit of Saudi Crown Prince Mohammed bin Salman to South Korea.
Yonhap News Agency, quoting sources in the sector, stated that the factory project, which is located on an area of 396694 square meters in Yanbu, will be built between 2025 and 2029 and will be operated for 20 years, is expected to produce 1. 2 million tons of green hydrogen and ammonia annually and its value is about 6. 5 billion dollars.
One of the three sources confirmed the expected amount of the project. The sources refrained from revealing her identity because she was not authorized to speak to the media.
Yonhap said that among the signed companies on the initial agreement is the Korean Electric Energy Company (KIPCO), Korea Soutonne Electricity, the Korean National Oil Company, Bosco Holding, and Samsung C & T..
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