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Thailand's PTT to invest $7bn in green hydrogen with Saudi firm

State oil giant aims for decarbonization and diplomatic healing at the same time

PTT's net-zero strategy fits with the Thai government's targets of carbon neutrality by 2050 and net-zero emissions of greenhouse gases by 2065.   © Reuters

BANGKOK -- The state-owned Thai oil and gas conglomerate, PTT Group, will invest $7 billion to produce "green" hydrogen with Saudi Arabia's leading renewable energy company, ACWA Power, aiming to power electric vehicles in ASEAN.

Despite being an energy giant, PTT has vowed to achieve net-zero emissions of carbon dioxide by 2050. The investment is one of its many different approaches to striking a balance between reducing emissions and remaining profitable.

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