Prashant Ruia, director of Essar Capital, a subsidiary of India-based Essar Group, has announced that the company expects to get final approvals by June next year to start building a low-carbon steel plant, Saudi Arabia, entailing an investment of about $4 billion, according to Bloomberg.
The plant in question will have a steel production capacity of 4 million mt per year.
The company also plans to invest $3.6 billion to carry out a range of low-carbon energy projects over the next five years. These include a $2.4 billion project to decarbonize its oil refinery in the UK and a $1.2 billion green ammonia plant in India to supply the UK and other international destinations within about three and a half years.
“The moment we start investing in these low-carbon technologies, the cost of doing this will also come down. Compare the cost of producing renewable power 10 years ago and the cost today and you will see it is down by a tenth. It is now lower than the cost of making power from coal or gas,” Ruia stated.
