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Acwa Power Partner’s S/Korea’s Posco to Develop Green Hydrogen

Riyadh-based utility developer Acwa Power has joined forces with the holding company of South Korea, Posco Holdings, to develop green hydrogen. The entities will also develop green hydrogen derivatives, such as green ammonia, to decarbonise Posco’s power generation and steel manufacturing processes.

The agreement also aims to serve other South Korean clients of Posco. The global hydrogen industry is expected to be worth $183 billion by 2023, up from $129bn in 2017, according to Fitch Solutions. French investment bank, Natixis, estimates that investment in hydrogen will exceed $300bn by 2030.

Green hydrogen and ammonia produced through new greenfield investments will also support Posco’s target of producing 500,000 tonnes of hydrogen by 2030, Acwa Power and Posco said in a joint statement.

Halliburton Q2 Income Surges

Halliburton booked a 41-percent surge in its second-quarter adjusted net income amid growing activity both in America and in international markets, the oilfield services provider said on Tuesday, adding it expects international markets to see “multiple years of growth.”

Halliburton, a major provider of fracking services in the United States, posted an adjusted net income of $442 million for the second quarter of 2022, or $0.49 per diluted share. This was up from an adjusted income of $314 million, or $0.35 per diluted share, for the first quarter this year, and ahead of the analyst consensus of $0.45 per share earnings compiled by The Wall Street Journal. 

Revenues at Halliburton also rose—to $5.1 billion for the second quarter of 2022, up from $4.3 billion for the first quarter of 2022.

Following the results release, shares in the company were up 1.56% in pre-market trade in New York.

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