Hyundai Heavy Industries Holdings, the holding company of Hyundai Heavy Industries Group, said on Wednesday that Chung Ki-sun, senior vice president of Hyundai Heavy Industries (picture), and Ahmad Al-Sa’adi, senior vice president of Aramco, signed a memorandum of understanding on hydrogen and ammonia businesses, forging a partnership on a hydrogen project.
The two companies have agreed to develop business models using hydrogen and ammonia, and conduct joint research. Hyundai Oilbank will produce blue hydrogen with liquefied petroleum gas (LPG) imported from Aramco and use it for desulfurization or sell it as fuel for vehicles and power plants. Korea Shipbuilding & Offshore Engineering will be the first shipbuilder in the world to develop vessels that can both carry LPG and CO2 at the same time as well as ammonia carriers and ships fueled by ammonia. A large number of orders are expected once the project begins in full swing.