Neom green hydrogen project struggles to find off-takers - Bloomberg
The 2.2-GW Neom green hydrogen project under construction in northwestern Saudi Arabia is facing a demand shortfall, with only one committed international buyer secured so far, Bloomberg reported on Thursday, citing people familiar with the matter.
Initially designed to export its entire output as green ammonia, the USD-8.4-billion mega-project is now shifting its focus to domestic consumption amid difficulties finding customers abroad. However, local demand remains uncertain, the report said, and developers are weighing plans to slow the full buildout.
US industrial gases company Air Products and Chemicals Inc (NYSE:APD), a co-developer and shareholder alongside Saudi Arabia's ACWA Power Co (TADAWUL:2082) and Neom, had committed to purchasing the entire output for distribution but has yet to secure buyers for more than half of the supply, Bloomberg said.
People familiar with the situation said developers are now considering phasing construction based on secured off-take agreements. This may prove difficult given the advanced stage of works, Bloomberg reported.
Air Products has delayed investment in European receiving terminals and said it would hold off until regulatory clarity and firm customer commitments emerge.
Commissioning of electrolysers is expected to begin once renewable power becomes available by mid-2026, with production expected in 2027, Air Products said. Neom and ACWA Power did not comment, according to Bloomberg.
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