Adnoc, Korea's GS Eye Hydrogen Opportunities
Abu Dhabi's state-owned Adnoc has teamed up with South Korea's GS Energy to explore opportunities in developing value chains for blue hydrogen and carrier fuels such as blue ammonia.
Adnoc has worked with GS among other Korean companies for decades. It is currently working with the firm and other international partners to launch the ICE Futures Abu Dhabi exchange on March 29, where the UAE's flagship Murban oil grade will be listed.
"Adnoc's latest agreement with GS Energy reinforces this foundation in low-carbon energy and innovation, through its focus on blue hydrogen and its carrier fuels as promising areas for development within the fast-evolving global energy mix," the national oil company said in a statement on March 4.
GS also has a 3% stake in Adnoc's onshore upstream arm, Adnoc Onshore.
"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 CEO Yongsoo Huh commented.
The announcement by Adnoc comes days after another Korean firm SK Holding pledged to invest won 18.5 trillion ($16.5bn) over the next five years to develop a hydrogen production, distribution and consumption "ecosystem" in the east Asian country. The plan includes the construction of a facility to produce 250,000 metric tons/year of hydrogen from LNG, and a hydrogen-based fuel cell power plant.
Meanwhile, South Korean oil refining group Hyundai Oilbank has reached a deal with Saudi Aramco on the supply of liquefied petroleum gas to the country for hydrogen production. The resulting CO2 produced would be sent back to Saudi Arabia for injection into mature oilfields.