Riyadh – Mubasher: Hyundai Heavy Industries Holdings (HHIH) has signed a deal with the Saudi Arabian Oil Company (Saudi Aramco) to cooperate on a hydrogen project, according to local media reports in South Korea.
Under the deal, Hyundai Oilbank, HHIH's refining unit, will import liquefied petroleum gas (LPG) from Saudi Aramco to produce blue hydrogen, Yonhab News Agency reported on Wednesday.
Carbon dioxide captured and stored during the production process will also be provided to the Saudi oil giant for the extraction of crude oil from exhausted oil fields.
Hyundai Oilbank seeks to sell blue hydrogen as a fuel for vehicles and thermal power plants or to use it for desulfurisation equipment and plans to establish 300 hydrogen charging stations by 2040 across South Korea.
Additionally, it will receive blue ammonia for the fuel of its liquefied natural gas (LNG) boiler to be built by 2024.