Hyundai Heavy Industries Holdings (HHIH) signed a memorandum of understanding (MoU) for cooperation in hydrogen and ammonia-related businesses with Saudi Aramco.
The MoU was signed by Kisun Chung, Vice President & Head of Management Support Office at HHIH, and Ahmad A. Al Sa’adi, Senior Vice-President of Technical Services at Saudi Aramco.
Via the deal, both sides are finding an incentive to create a cooperative model for environmentally sustainable hydrogen and ammonia, including collaborative research and production. Hyundai Oilbank, the HHIH oil refining unit, plans to collaborate with Saudi Aramco on the implementation of the carbon zero process, and Korea Shipbuilding & Offshore Engineering (KSOE), the HHIH shipyard unit, plans to produce the world’s first combination ship capable of transporting both liquefied petroleum gas (LPG) and carbon dioxide captured (CO2).
Under an MoU, Hyundai OilBank will import liquefied petroleum gas from Saudi Aramco which it will then convert into blue hydrogen. The hydrogen will be used at desulfurization facilities at Hyundai Oilbank refineries and be on the market for fuels of vehicles and power plants.
“This agreement is the first step in cooperation between the two parties toward the ‘Hydrogen Dream’. HHI Group, together with Saudi Aramco, is seeking a way to grow into a leading eco-friendly energy group by initiating projects for hydrogen and ammonia.”Kisun Chung, vice president & head of management support office at HHIH.
“Through this MoU, Saudi Aramco and HHI Group have built a strategic partnership to discover new and ambitious business opportunities in the field of blue hydrogen and blue ammonia, which are future energy fuels. This cooperation is expected to help reduce greenhouse gas emissions through carbon capturing process.”Ahmad A. Al Sa’adi, senior vice-president of technical services at Saudi Aramco.