Saudi Arabia to invest $10 billion in green hydrogen production

October 24, 2024/in /by Rudolf Huber

Saudi Arabia does not want to invest in hydrogen. Saudi Arabia wants to catch some desperate buyers who are ready to squeeze their population dry to cough up the gargantuan subsidies required for hydrogen. I am pretty sure they know that hydrogen would be an immediate dud on a free market. But I have grown wary when it comes to Saudi projects and announcements. Who remembers the Line city – Neom? It’s already clear that what remains of the lofty project is pitiful. A consultant’s dream of a White Elephant. In the end, there will be ruins in the desert. Hydrogen is no golden bullet for the Saudi economy. Just like futuristic cities are not.

Saudi Arabia is preparing to make a multibillion-dollar bet on hydrogen and will launch a new company to produce the much hyped low-carbon fuel, according to people familiar with the matter.

worldoil.com

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