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Saudi Aramco signed definitive agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Co. (BHIG), a wholly-owned subsidiary of Air Products Qudra (APQ).
The transaction, which is subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen, the oil giant said in an emailed statement to Argaam today, July 16.
Building on its efforts to develop a lower-carbon hydrogen business and expand its portfolio of alternative energy solutions, Aramco expects its investment in BHIG will contribute to the development of a lower-carbon hydrogen network in Saudi Arabia’s Eastern Province, serving both domestic and regional customers.
Upon completion of the transaction, Aramco and APQ, a joint venture between Air Products and Qudra Energy, are expected to each own a 50% stake in BHIG.
BHIG, which is designed to produce lower-carbon hydrogen while capturing and storing CO2, is intended to commence commercial operations in coordination with Aramco’s carbon capture and storage activities.
