Neom project cost balloons to $8.5bn

February 22, 2023/in /by Rudolf Huber

What did we expect? Air products essentially took a giant bet with this project. What they had not done is the hardest one – trying to find a buyer for the product that would pay a price they could live with. So, even the easy configuration – that is by the way already totally unrealistic – has a massive cost overrun and I bet it won’t be the last one. Hydrogen is a very bad idea. It’s an energy carrier – not an energy source. We have much better than hydrogen – we have its upgraded form as methane. It’s much safer, it’s much more economical, and it’s technologically mature. But let’s continue to burn money with hydrogen.

The three JV participants have also opted to shake up project financing, according to co-developer Air Products

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