DEME, OQ join forces with bp for Oman green hydrogen project
MUSCAT, August 5, 2024
DEME, a key Dutch contractor in the fields of offshore energy, dredging and marine infrastructure, and OQ, the leading global integrated energy group in Oman, have joined forces with global oil major bp to develop the first operational, large-scale green hydrogen project within the Special Economic Zone at Duqm.
For the Hyport Duqm project, bp has been signed up as an equity partner and operator.
As per the deal inked with DEME and OQ, bp will acquire a 49% stake, while OQ and DEME will each maintain a 25.5% stake in the project company.
The agreement will enable bp to become part of the green hydrogen project situated in the Special Economic Zone at Duqm (SEZAD), Oman. The transaction will be completed in Q3 2024.
Currently, the Hyport Duqm project is in the pre-front-end engineering design phase, with the commercial operations date set for 2030-2031.
In June last year, DEME and its development partner OQ had signed a project development agreement with Hydrom, which represents Oman’s national interest in green hydrogen and is regulated by the Ministry of Energy and Minerals.
The first operational, large-scale green hydrogen project in Oman, Hyport Duqm is being developed on an area of 150 sq km within the Special Economic Zone at Duqm in Oman.
According to DEME, the production of green hydrogen to green ammonia will be powered by both wind and solar energy, with a combined capacity of approximately 1.3 GW under Phase 1 and potentially more than 2.7 GW upon completion of Phase 2.
The downstream operations plan is to be fully integrated with the state-of-the-art infrastructure at the Port of Duqm to handle green molecules and channel them for export into European and Asian markets, it added.-TradeArabia News Service
