Oman has made a significant advancement in sustainable energy with the ACME Group announcing it has secured $140 million as the first installment of funding for its green hydrogen and green ammonia project. This project, which is part of a total investment of approximately $750 million, is being developed in the Special Economic Zone at Duqm (Sezad). The funding received by ACME represents 75% of the overall project cost, underscoring the growing global interest in investing in the Sezad area.

Dr. Saeed bin Khalifa Al Quraini, the Director General of the Investment Development Sector at the Public Authority for Special Economic Zones and Free Zones (Opaz), emphasized that this funding highlights international confidence in the ongoing projects in Duqm. He noted that ACME’s initiative is among the strategic developments in the green hydrogen sector and is the first of its kind in Oman to secure necessary funding and a long-term off-take agreement.

The project is designed to produce clean, renewable energy, aligning with Oman’s goals of leading in sustainable energy solutions and reducing carbon emissions. Currently, the project has entered its implementation phase, with contracts signed and purchase orders issued for essential equipment. Work is progressing in collaboration with contractors and technical service providers to complete the project’s infrastructure, which is vital for meeting execution timelines and starting green hydrogen pilot production as scheduled.

Gursharan Jassal, the Country Manager for ACME in Oman, expressed gratitude for the funding achievement, stating that it reflects the trust of international institutions in the project’s success. He emphasized that securing the funding and the long-term off-take agreement is a crucial step towards realizing the global vision for green hydrogen, both for Oman and the broader energy market.

The project is set to have an initial production capacity of 100,000 tonnes of green ammonia annually, with plans for future expansion to reach 1.1 million tonnes per year. Last year, ACME signed a long-term off-take agreement with Norwegian fertilizer company Yara to supply this green ammonia, with operations expected to commence in the first quarter of 2027. ACME is recognized as the first company globally to receive an internationally accredited certification for the commercial production of green hydrogen and ammonia, granted by TÜV Rheinland, confirming that its products are generated from renewable sources.