| Element List | Explanation |
|---|---|
| Introduction | Saudi Arabian Refineries Company announces the signing of a non-binding Memorandum of Understanding with Ally Hydrogen Energy Co., Ltd. |
| Memorandum Signing Date | 2026-05-15 Corresponding to 1447-11-28 |
| Counterparty | Ally Hydrogen Energy Co., Ltd. Chinese |
| Memorandum Subject | Saudi Arabian Oil Refinery Company (“the Company”) announces the signing of a non-binding Memorandum of Understanding (MoU) with Al-Lai Hydrogen Energy Company for the purpose of: 1. Establishing a green ammonia production plant in Jazan Industrial City. 2. Establishing a local hub for the assembly and manufacturing of hydrogen production and purification equipment in Jazan Industrial City. 3. Establishing a research and development center in collaboration with local Saudi universities to promote innovation in green hydrogen and ammonia technologies. |
| Memorandum Duration | This memorandum shall become effective from the date of its signing by the Parties and shall remain valid for a period of one calendar year, unless the Parties agree otherwise in writing. |
| Related Parties | Nil |
| Financial Impact | This transaction is expected to have a positive impact on the financial statements of Saudi Arabian Oil Refinery Company by the end of the third quarter of 2028. |
| Additional Information | This announcement is linked to the previous announcement by Saudi Arabian Oil Refinery Company regarding the signing of a non-binding Memorandum of Understanding with Go Energy on 12/10/2025, as well as the Company’s announcement of its wholly owned subsidiary (Clean Energy Company) signing a non-binding Memorandum of Understanding with AGR Renewable Energy (UK) on 05/02/2026. Accordingly, a non-binding Memorandum of Understanding has been signed with the final supplier for the green ammonia plant. |
