One of the world’s largest shipbuilding companies, Hyundai Heavy Industries Group (HHI Group) has signed a deal with Saudi Arabian state-run oil company Saudi Aramco to cooperate on hydrogen and ammonia-related businesses.
The agreement showcases that the two parties are seeking an opportunity to find a collaborative model for eco-friendly hydrogen and ammonia, this includes joint research and development.
Under a memorandum of understanding, Hyundai Oilbank, the oil refinery unit of HHI Group, will import liquefied petroleum gas from Saudi Aramco which will be turned into blue hydrogen.
Blue hydrogen is produced using fossil fuel resources with carbon emissions being captured and stored.
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