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ADNOC, GS Energy to cooperate in growing Abu Dhabi’s hydrogen economy

ADNOC, GS Energy to cooperate in growing Abu Dhabi’s hydrogen economy
Agreement was signed during a virtual event

UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) on Wednesday signed an agreement with South Koreas’ GS Energy to explore opportunities to grow Abu Dhabi’s hydrogen economy and enhance the emirate’s fuel export position, Emirates News Agency (WAM) reported.

In a virtual meeting, Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology and ADNOC Group Managing Director and CEO, discussed with Yun-Mo Sung, the Korean Minister of Trade, Industry, and Energy, new opportunities for bilateral cooperation.

The two parties focused on possible areas for further economic partnership, climate challenge, low-carbon energy, and the potential uses of hydrogen, as part of more industrial cooperation between the UAE and South Korea.

The meeting was attended by Yongsoo Huh, President and CEO of GS Energy.

Approximately 10% of South Korea’s crude oil is currently imported from the UAE, Korean companies are significant stakeholders in several of Abu Dhabi’s upstream concessions and Korean contractors today play critical roles on major projects across our oil and gas value chain,” Al Jaber said.

"We look forward to building upon these successes as we seek to expand our existing relationship with GS Energy, identifying possible areas of investment in Abu Dhabi’s emerging blue hydrogen ecosystem as well as the Emirate’s world-scale refining and petrochemicals assets in Ruwais."

Meanwhile, Yongsoo Huh said, "As a stakeholder and a partner of the ADNOC Upstream Concessions, we are excited to strengthen this partnership by jointly seeking opportunities within the blue hydrogen ecosystem."

GS Energy’s is also a partner with Intercontinental Exchange (ICE) on the launch of ICE Futures Abu Dhabi (IFAD).

IFAD, where Murban crude futures will be traded, will be owned by Abu Dhabi, a number of oil companies, and the Intercontinental Exchange (ICE) in which Brent crude futures are traded.