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Herbert Smith Freehills has advised Abu Dhabi Future Energy Company PJSC, also known as Masdar, on its pilot arrangements with Emirates Steel Arkan to develop an innovative green hydrogen project to decarbonise the hard-to-abate steel sector in the UAE.
Emirates Steel Arkan is one of the largest publicly-traded steel and building materials manufacturers in the region.
The pilot project is the first-of-its-kind in the Middle East and North Africa. Located in the Emirates Steel Arkan production facilities at the Industrial City of Abu Dhabi, the project is currently in the installation phase. Masdar has already delivered the electrolysers to the site to help produce ‘green steel’, a premium product sought after by global manufacturers eager to meet their net-zero goals.
Expected to be commissioned in early 2024, the project will demonstrate the use of green hydrogen, instead of natural gas, to extract iron from iron ore, a key step in steelmaking.
The rising global demand for green steel presents huge growth potential for the UAE’s steel industry as the country aspires to be among the frontrunners to decarbonise the global steel value chain. The project is also a significant step in enabling the UAE’s strategy of making the country one of the world’s largest hydrogen producers by 2031.
The deal team included Dubai partner Danila Logofet and associate Yulia Turkina.
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