Saudi Arabia Refineries Company (SARCO) will not proceed with its proposed green hydrogen and ammonia project in Saudi Arabia in partnership with UAE-based Go Energy, after their preliminary agreement expired without a binding deal, reported Trading View.
The company informed the Saudi Stock Exchange on Monday that the non-binding memorandum of understanding (MoU), signed with Go Energy in October 2025, had expired without the parties entering into a definitive agreement.
SARCO said the expiry of the MoU would not result in any financial obligations or have an impact on its financial position or business results.
Meanwhile, hydrogen project development across the Arab region has continued to expand. The number of announced and planned hydrogen production projects in Arab countries reached 133 by the end of March, according to the Kuwait-based Organisation of Arab Petroleum Exporting Countries (OAPEC).
The organisation noted that the number of projects across the region was nearly four times higher than the total announced in 2021.
