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The financial closure for Green Hydrogen and Chemicals Company’s (GHC) first green ammonia project in the Special Economic Zone in Duqm, Oman, is likely to close by January 2023, Oman Daily Observer reported, citing ACME Group CEO Rajat Seksaria.
The company will not wait for the Final Investment Decision (FID), but will invest its own equity until the final financial closure is achieved, he stated, revealing the initial capex costs of over $150 million have already been expended or committed towards the project to date.
Basic construction work has begun, he added.
The first phase, which will be powered by around 500 megawatts (MW) of renewables, targets the production of 100,000 metric tonnes per annum of green ammonia. Output is expected to be about 1.2 million metric tonnes annually in the second phase.
"We want to ship out the first molecules by end-2024, but we have kept open a window to achieve this certainly by the first half of 2025,” the newspaper quoted the CEO as saying.
GHC is a joint venture between the UK unit of Indian energy developer ACME Group and Norway-based Scatec ASA.
In July 2022, Zawya Projects had reported that the JV had signed a term sheet with global ammonia player Yara International for offtake from the first phase of the green ammonia project.
(Writing by P Deol; Editing by Anoop Menon)
