State-owned Thai oil and gas conglomerate PTT Group is set to invest $7 billion to produce green hydrogen in partnership with Saudi Arabia’s renewable energy specialist, ACWA Power.
The joint venture aims to power electric vehicles in the ASEAN region and is part of PTT’s efforts to achieve net-zero emissions of carbon dioxide by 2050.
The plant will be built in Thailand and have a production capacity of 225,000 tons of hydrogen per year, equivalent to around 1.2 million tons of ammonia.
“This is the first step to push Thailand to be an international exporter of the green power,” PTT CEO Auttapol Rerkpiboon said.
The two companies, joined by the state-owned Electricity Generating Authority of Thailand, signed a memorandum of understanding in November 2021 to proceed with the project.
The $7 billion investment pledge is a step forward in realising the plan.
PTT is also investing in hydrogen stations. Its subsidiary PTT Oil and Retail has partnered with Bangkok Industrial Gas, Toyota Daihatsu Engineering & Manufacturing and Toyota Motors to set up hydrogen charging stations in the kingdom’s Eastern Economic Corridor, a special industrial zone in the Bang Lamung district of Chonburi province.
The stations are expected to serve fuel cell vehicles that will be used as limousines running from the U-Tapao airport to several famous tourist destinations in Pattaya, Chonburi and surrounding areas.