The hydrogen project at Neom is moving ahead
Oil windfall fuels Saudi hydrogen plans
High oil prices are helping Riyadh fund its move into hydrogen, with Acwa Power making swift progress on the Neom megaproject
As Saudi Aramco flaunted bountiful returns from soaring crude oil prices in its first-quarter results in mid-May, the company’s embryonic plans to diversify into hydrogen were barely mentioned. Nonetheless, the proceeds of the oil windfall are indirectly fuelling the hydrogen sector’s development, with the government and affiliated local renewables company Acwa Power now making swift progress on Neom, the world’s largest green hydrogen and ammonia project. Meanwhile, behind Aramco’s defiant public focus on upstream hydrocarbons, the firm is also preparing for a day when the cleaner fuel might be the more valuable. Acwa and US industrial gases company Air Products met with considerable scepti
Also in this section
6 January 2026
Shifts in government policy and rising power demand will shape the clean hydrogen sector as it attempts to gain momentum following a sluggish performance in 2025
23 December 2025
Government backing and inflow of private capital point to breakthrough year for rising star of the country’s clean energy sector
19 December 2025
The hydrogen industry faces an important choice: coordinated co-evolution or patched-together piecemeal development. The way forward is integrated co-evolution, and freight corridors are a good example
10 December 2025
Project developer Meld Energy ready to accelerate 100MW project in Humber region after securing investment from energy transition arm of private equity firm Schroders Capital
