In order to discuss the possible production and delivery of green hydrogen, Oracle Power and Emirates Global Aluminium PJSC (EGA) have signed a Memorandum of Understanding (MoU).
By signing the Memorandum of Understanding, Oracle Energy and Emirates Global Aluminium committed to working together on a non-binding basis to investigate the possibility that Oracle Energy could supply and deliver roughly 50,000 tonnes of green hydrogen to EGA from its proposed green hydrogen project in Pakistan, which would account for the majority of the project’s projected annual output.
If talks are successful, a legally binding agreement is intended to be signed during the COP28 UN Climate Change Conference in 2023, which will be held in the UAE from November 30 to December 12, 2023. 55,000 tonnes of high quality green hydrogen are the total annual output that Oracle Energy aims to produce.
The parties commit to advance discussions on the offtake of green hydrogen before COP28 within the MoU’s one-year duration beginning on January 30, 2023. As part of its aim to decarbonize its aluminum production, EGA plans to purchase green hydrogen and green ammonia. In addition to decarbonizing the aluminum manufacturing process, employing green hydrogen in place of natural gas boosts the energy effectiveness of aluminum furnaces that use oxy-fuel combustion techniques.
Emirates Global Aluminium is a company incorporated in the United Arab Emirates that is owned equally by Mubadala Investment Company, the Emirati government’s holding company, and the Investment Corporation of Dubai, a sovereign investor owned by the Abu Dhabi government. The Investment Corporation of Dubai manages a diverse portfolio of assets and investments both within the UAE and abroad in order to produce long-term financial returns for its shareholders.
