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Thndr Claps » Saudi Claps » Financial Services 🏛 » Riyad Bank signs an agreement to promote several sectors

Riyad Bank signs an agreement to promote several sectors

by Omar El Shorafa
January 19, 2023

The Clap
Riyad Bank signed cooperation and financing agreements for cooperation in hydrogen, ammonia, and energy projects and sectors.

What
The partnership with the Korea Electric Power Company and the Export-Import Bank of Korea aims to build, own, operate, and transfer a power plant worth around SAR 2bn.

So What
The project aims to be the largest non-associated gas field in Saudi Arabia to provide natural gas for domestic energy generation and raw materials for petrochemical production.

Now What
Production is expected to begin in 2025 and reach around 2 billion cubic feet per day of sales by 2030.

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