OAPEC touts hydrogen investment opportunities in Arab region

KUWAIT, The Organization of Arab Petroleum Exporting Countries (OAPEC) said on Monday the Arab region has promising hydrogen investment opportunities thanks to its proximity to targeted markets.

In a working paper during the second Edition MENA Energy Meet held in Oman, the OAPEC’s Secretariat said the Arab region is close to European markets and has long-lasting economic partnerships with them.

In addition, there are deep-rooted strategic relationships between national oil companies and global energy corporations, the organization added.

Grey and blue hydrogen production costs in the Arab region are so low that they only range between USD 1 and 1.5 per kg, it said, noting that the Arab region is rich in renewable energy used in green hydrogen production.

It pointed out forecasts that demand for hydrogen will skyrocket up to 650 million tons annually by 2025 from merely 72 tons per year at present.

Leading industry experts, decision makers, policy makers and government officials are attending the two-day virtual meeting to discuss current challenges and business opportunities, develop market strategies, share their knowledge, deliberate approaches and identify solutions aimed at shaping the future of the energy sector.

Source: Kuwait News Agency