SARCO, Go Energy ink MoU to develop green hydrogen business

SARCO, Go Energy partnership aims to explore opportunities in Saudi Arabia’s growing clean energy sector

Saudi Arabia Refineries Co. (SARCO) signed on Oct. 11 a non-binding memorandum of understanding (MoU) with UAE-based Go Energy, to collaborate on developing a green hydrogen (ammonia) project in Saudi Arabia.

In a statement to Tadawul, the company said that both parties agreed to conduct a joint study to develop the project, as well as to design a legal framework to support their cooperation.

The MoU, effective from signing date, is valid for one calendar year unless otherwise agreed in writing.

SARCO added that there are no financial implications resulting from the signing of this MoU, noting that the announcement does not necessarily mean that the proposed deal between the two parties will be concluded.

This collaboration falls within SARCO’s strategy to expand its energy-related services through specialized partnerships in the energy sector.

It also confirmed that there are no related parties involved, and any material developments will be disclosed in due course.