EU, Kazakhstan Sign $50 Billion Green Hydrogen Supply Deal

The European Union and Kazakhstan signed an investment deal for Hyrasia One, a subsidiary of the European cleantech Svevind Energy Group, to build one of the world’s largest industrial plants for green hydrogen in Kazakhstan’s Mangystau region. The investment agreement was signed by Svevind CEO Kropp and Kazakh First Deputy Prime Minister Sklyar during European Council President Michel’s visit to the Central Asian nation and in the presence of Kazakh President Tokayev.

The agreement aims to build wind energy and photovoltaic plants with a capacity of 40 GW in Southwest Kazakhstan. The renewable energy of about 120 TWh per year generated by these plants will supply an industrial park of electrolyzers on the coast of the Caspian Sea, which will have a total capacity of 20 GW and produce up to two million tonnes of green hydrogen per year.

The production is expected to account for one fifth of the expected EU import demand for green hydrogen in 2030. Hyrasia One could therefore become a key player for the hydrogen markets currently emerging in Europe, as well as in Kazakhstan itself and in Asian countries.

European Commission President von der Leyen and Tokayev discussed an strategic partnership between the EU and Kazakhstan for sustainable raw materials, batteries and green hydrogen. The new production and distribution plant to be built by Hyrasia will play a key role in Kazakhstan’s supply of green hydrogen to the EU.

Hydrogen production in the Mangystau region is scheduled to start as early as 2030 and reach full capacity by around 2032. The final investment decision for the project, worth around 40 to 50 billion US dollars, will be made in 2026.

“With HYRASIA ONE, we are providing energy and feedstock security on a unique industrial scale. The investment agreement signed today takes the project into the next, decisive phase. We consider ourselves fortunate to have found a reliable partner in the government of the Republic of Kazakhstan, which supports our plans and has recognized the enormous economic potential of producing large quantities of green hydrogen”, said Kropp.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Special Report-UK and EU Reached Brexit Trade Deal

A long running trade agreement between the UK and the EU has been finally struck on Christmas Eve, a week before the end of the Brexit transition period. As Britain leaves the customs union on 31 December, new arrangements of trade will come into effect.

Canada Seeks Free Trade Deal with ASEAN to Diversify Exports, Supply Chain

Canada has opened free-trade talks with the ten country bloc of Association of South East Asian Nations (ASEAN). Canada aims to diversify trade from China and find new ways to battle the global supply chain crisis. Canada’s International Trade Minister Mary Ng announced the talks after meeting with representatives of ASEAN.  

U.S. Approves Exports from the Alaska LNG Project

The Biden administration on Thursday approved exports from the Alaska LNG project, as the United States aims to compete with Russia to ship natural gas from the Arctic to Asian buyers. The U.S. Energy Department (DOE) approved Alaska Gasline Development Corp’s (AGDC) project to export gas to countries that the U.S. does not have a free trade agreement with. The project, which will cost around $39 billion, is expected to be operational by 2030 if it gets all the required permits. 

Stay informed

error: This content is protected !!