Muscat: South Korea-based LUPRO Inc., a global leader in green energy solutions, has signed agreements with Bait Muscat for Development and Investment to support the establishment of a major green ammonia project in Duqm, Oman.
The agreements, signed recently in Seoul, involve a joint venture that commits to supplying LUPRO Inc. with 5 million tonnes of green ammonia under a long-term sales contract valued at $4.5 billion.
High-level representatives from both companies were present during the signing ceremony last month. Bait Muscat for Development and Investment was represented by Dr Mohammed bin Hamed al Rumhy, its Chairman and former Oman Minister of Energy and Minerals, along with Oman’s Ambassador to South Korea, Zakariya bin Hamad al Saadi.
“This project will be implemented in Al Duqm as part of efforts to strengthen international cooperation and support Oman’s plans for clean and sustainable energy development,” the Foreign Ministry stated in a news release on Monday.
Seoul-headquartered LUPRO Inc. operates across the hydrogen-based green energy sector, focusing on green hydrogen and ammonia production, fuel cell power generation, and hydrogen integration projects. It has established joint ventures in countries such as Thailand, India, the UAE, and Japan to create large-scale green energy resources.
In an earlier statement, LUPRO said its joint venture in Oman aims to produce 1 million tonnes of green hydrogen ammonia annually at Al Duqm, powered by a 2GW renewable energy complex.
“We plan to expand the supply of hydrogen energy resources, which are essential for tackling the global climate crisis and achieving carbon neutrality, to domestic as well as Asian and global markets,” said Kim Se-ho, CEO of LUPRO.
In an interview with South Korea’s OBS TV, LUPRO’s CEO stated that construction work on the green ammonia project in Al Duqm is scheduled to begin in 2025. “The Omani government is promoting green energy as a national strategic initiative and has developed infrastructure at Duqm SEZ, offering tax exemptions for several decades,” he added.
The project’s initial phase will focus on developing a 200 MW green ammonia plant, expected to produce about 500,000 tonnes annually. LUPRO holds a 65 per cent stake in the joint venture.
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