ACME Group receives $140m initial funding for Oman green ammonia project
DUQM: India’s ACME Group has announced that it has received $140 million as the first installment of the funding allocated for its Oman green hydrogen and green ammonia project, which amounts to $540 million. The project is currently being implemented in the Special Economic Zone at Duqm (SEZAD), with a total investment of approximately $750 million. The funding secured by the group represents 75 per cent of the total project cost, in a step that reflects growing global interest and confidence in investing in SEZAD.
Dr Saeed bin Khalifa Al Quraini, Director General of the Investment Development Sector at the Public Authority for Special Economic Zones and Free Zones (OPAZ) and official spokesperson for the Authority, stated that securing this funding for ACME’s project in Duqm highlights the international confidence in the projects underway in the area and reinforces Duqm’s investment appeal.
He added in a press statement, “ACME’s project is one of the strategic initiatives in the green hydrogen sector and marks the first project of its kind in the Sultanate of Oman to secure the necessary funding and sign a long-term off-take agreement. This strengthens Duqm’s leadership in the green hydrogen industry and supports the national strategy to achieve carbon neutrality by 2050 and the government’s broader energy transition goals.”
The secured funding, along with the previously signed off-take agreement, provides a robust financial foundation for the project’s continuity and long-term market commitment, enabling successful and timely execution as planned.
The project aims to produce clean, renewable energy that aligns with Oman’s aspirations to lead in sustainable energy solutions and reduce carbon emissions. The project has now entered the actual implementation phase; contracts have also been signed and purchase orders issued for the supply of equipment and devices required for the project. Work is currently underway, in cooperation with contractors and technical service providers, to complete the project’s infrastructure, reinforcing the commitment to execution timelines and the start of green hydrogen pilot production on schedule.
Gursharan Jassal, Country Manager for ACME in Oman, expressed gratitude in the achievement, saying, “Receiving the first funding tranche reflects international institutions’ trust in the project’s success. This milestone is significant not only for ACME but for the entire green hydrogen sector in Oman.”
He added, “Securing the funding and the long-term off-take agreement represents a critical step towards realising the global green hydrogen vision, not just for the Sultanate of Oman but for the wider energy market. With support from our partners and contractors, we are moving steadily towards producing the first batch of green hydrogen by the first quarter of 2027, marking the beginning of a new era of sustainable energy.”
The project’s first-phase production capacity is set at 100,000 tonnes of green ammonia annually, with future expansion planned to reach 1.1 million tonnes per year.
Last year, ACME signed a binding long-term off-take agreement with Norwegian fertiliser giant Yara to supply 100,000 tonnes of green ammonia annually from its Duqm project, which is expected to begin operations in Q1 2027. Yara, renowned for its expertise in ammonia production, logistics, and global trade, is actively expanding its green ammonia portfolio.
In 2022, ACME became the world’s first company to receive an internationally accredited certification for the commercial production of green hydrogen and ammonia. The certification was granted by TÜV Rheinland, a German technical services provider and one of the world’s leading independent renewable energy certification agencies. This global certificate assures clients that ACME’s products in Duqm are generated from renewable sources such as wind and solar energy and contain significantly lower levels of carbon emissions.
Caption:
Construction work underway at ACME’s green hydrogen and ammonia project in Duqm SEZ
SOURCE: ACME Group
Date: 19 April 2025
