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LatinNews Daily - 02 November 2021

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In brief: Argentina announces multibillion-dollar green hydrogen project

* Argentina’s government led by President Alberto Fernández has announced that Australia’s Fortescue Future Industries (FFI), a global green energy and product company, plans to invest as much as US$8.4bn to build a project for producing green hydrogen in Argentina’s Río Negro province. President Fernández said that the project would generate over 50,000 direct and indirect jobs and have the capacity to produce 2.2m tonnes annually, equivalent to 10% of the electricity consumed by Germany in a year. This would be the first large-scale hydrogen project in Argentina, which has some of the best wind resources in the world. Argentina’s productive development minister, Matías Kulfas described the investment as the “most important of the 21st century in Argentina”. According to the government, if the wind resources prove viable, FFI will invest US$1.2bn in a pilot stage planned from 2022-2024, producing some 35,000t of green hydrogen before the first productive stage, which will require an investment of US$7.2bn, which aims to produce some 215,000t of green hydrogen – sufficient to cover the demand of 1.6m homes.