Air Products, ACWA Power and Saudi NEOM sign agreement for $5bln

The project, which will be equally owned by the three partners, will be based in NEOM, Saudi Arabia's new economic zone

  
Oil refinery power station at sunset, Petrochemical industrial plant. Image used for illustrative purpose.

Oil refinery power station at sunset, Petrochemical industrial plant. Image used for illustrative purpose.

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DUBAI- Air Products, ACWA Power and Saudi Arabia's NEOM have signed an agreement for a $5 billion green hydrogen-based ammonia production facility, the companies said in a statement on Tuesday.

The project, which will be equally owned by the three partners, will be based in NEOM, Saudi Arabia's new economic zone, and produce green ammonia for export to global markets, they said.

(Reporting by Marwa Rashad; editing by Jason Neely) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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