RIYADH: 萝莉视频 plans to ship gas to South Korea where it will be used to make hydrogen, and the carbon dioxide produced in the process will be transported straight back to the Kingdom, Asharq reported, citing Bloomberg.
Hyundai Oil Bank Co. will take liquefied petroleum gas cargoes from Saudi Aramco and convert them into hydrogen, to use for chemical and power solutions, the Korean energy company鈥檚 parent Hyundai Heavy Industries Holdings Company said.
Aramco and Hyundai OilBank Co. agreed in the deal signed on Wednesday, that the carbon dioxide emitted in the hydrogen-making process will be transported back to Aramco, to use it in its oil production facilities, according to a Hyundai Heavy spokesman.
鈥淚t seems the project will bank on the idea that shipping LPG to Korea and carbon dioxide back to 萝莉视频 will be cheaper than shipping hydrogen to Korea,鈥 said Martin Tengler, BloombergNEF鈥檚 lead hydrogen analyst.
Saudi Aramco has huge quantities of natural gas, which it has identified as a key area of expansion for domestic supply and export in the form of liquefied natural gas (LNG).
鈥淲e basically look at natural gas as an area for growth for the company,鈥 Khalid Al-Dabbagh, Aramco鈥檚 chief financial officer, said in an investor call in the run-up to its successful IPO back in 2019.
