Kuwait seals a $3 billion agreement with a prominent Saudi renewable energy company
In a significant move towards sustainable energy production, an Omani company, United Engineering Services, has partnered with China's Sungrow Hydrogen to build a factory in Duqm. This joint venture aims to produce electrolyzers, liquefaction systems, and other equipment for green hydrogen production, supporting Oman's ambitious plan to transform Duqm into a global hydrogen hub [1].
The factory is part of Oman's $35 billion strategy to become the world’s sixth-largest hydrogen exporter by 2030, with hydrogen sales expected to surpass LNG by 2050 [1]. This ambitious goal is a testament to Duqm's strategic position, which leverages its port infrastructure, natural gas access, and industrial capacity.
Meanwhile, Singapore-based Meranti Green Steel is developing a 2.5 million tonnes per annum Hot Briquetted Iron (HBI) plant within the Duqm Special Economic Zone. The project, advancing towards a Final Investment Decision (FID) by mid-2026, will initially use a blend of natural gas and green hydrogen, incrementally increasing hydrogen's share to about 85% by 2029 [2][3][4]. This approach targets reducing CO₂ emissions per tonne of steel to below 200 kg, aligning with global industrial decarbonization goals and Oman's Energy Transition Plan.
Oman's government is also taking steps to boost readiness and investment in green hydrogen projects. It has launched a third auction round for lands in Duqm, supported by fiscal incentives aimed at accelerating project delivery [5].
These initiatives underscore Duqm’s evolving role as a strategic hydrogen and green steel production hub, supporting decarbonization and export goals by 2030 and beyond.
Elsewhere, tensions continue to rise in the Middle East. Israel is reportedly preparing to launch a plan to occupy Gaza City, a move that has sparked international condemnation from the EU, China, and Britain, among others [6]. The operation, if approved, could take up to five months and would involve a phased effort involving military operations and increased humanitarian support [6]. However, the Israeli military head has pushed back against the plan [7].
In a separate development, the US President Donald Trump will meet with his Russian counterpart Vladimir Putin potentially as early as next week [8]. The meeting comes amidst increased tensions between the US and Israel, with the US President announcing an additional 25% tariff on India over its purchase of Russian oil [9].
In other news, Apple has announced an additional $100 billion investment in US manufacturing [10]. Meanwhile, the death toll in the Gaza enclave has surpassed 60,000, with many fearing the death toll could rise rapidly as Israel prepares to launch its plan [11].
References:
- Oman's Green Hydrogen Ambitions
- Meranti Green Steel's Duqm HBI Plant
- Meranti Green Steel's Duqm HBI Plant - Part 2
- Meranti Green Steel's Duqm HBI Plant - Part 3
- Oman Auctions Lands for Green Hydrogen Projects
- The industry partnership between United Engineering Services, Sungrow Hydrogen, and Meranti Green Steel, along with government incentives, are paving the way for significant business growth in Duqm, with focuses on technology advancements in green hydrogen production and green steel manufacturing.
- As part of Oman's ambitious $35 billion strategy in sustainable energy production, finance will play a crucial role in investing in green hydrogen projects and infrastructure developments in Duqm, positioning it as a global hydrogen hub and a key player in the energy industry.
- In alignment with global industrial decarbonization goals and Oman's Energy Transition Plan, the convergence of renewable energy, technology, and finance will serve not only the Duqm's business and energy sectors but also contribute to the worldwide efforts in climate change mitigation by reducing CO₂ emissions from steel production.
