South Korean steel giant POSCO has signed a tripartite MOU on the enhancement of green hydrogen project collaboration with Samsung C&T and PIF as the main event at the Saudi Arabia-Korea Investment Forum for Smart Innovation & Growth in Riyadh in Saudi Arabia. Posco’s Head of Industrial Gases & Hydrogen Business Unit Mr Byeong-og Yoo said “Saudi Arabia, which can produce new and renewable energy at the lowest prices in the world, is an important region to POSCO, which is planning to produce large amounts of hydrogen. We will successfully establish a hydrogen production model in Saudi Arabia and take an early lead in the hydrogen business.”The three companies will co-promote the green hydrogen production project based on new and renewable energy in Saudi Arabia through this MOU. First, they will select an economically ideal business site and complete a feasibility review this year. Then, they have promised to enhance strategic collaboration for expanding the hydrogen project value chain and vitalizing the hydrogen economies of both countries by utilizing the capabilities of the three companies.PIF is one of a handful of large-scale sovereign wealth funds globally, with current investment assets reaching KRW 570 trillion. It is the partner that executed the large-scale equity investment in POSCO E&C, an affiliate of POSCO Group, in 2015. PIF has continued to collaborate with POSCO Group, and the synergy effect is expected to increase through this project.Also, in November of last year, POSCO and Samsung C&T concluded a master service agreement for green hydrogen projects, including the construction of infrastructure for the development of overseas green hydrogen production facilities and hydrogen storage and introduction, and the development of technologies related to liquid hydrogen.Meanwhile, POSCO is promoting hydrogen projects with the vision of jumping into the ranks of the global top 10 players in hydrogen production by producing a total of 7 million tons of hydrogen in 2050. In the mid-term, POSCO will invest KRW 10 trillion to establish a 500,000-ton hydrogen production system by 2030. To this end, it is spurring the internalization of the core technologies required to establish a global hydrogen supply chain and secure a competitive edge over the top 7 strategic countries.