According to the South Korean Yonhap Agency, the company stated that under the deal, Hyundai Oilbank, the refining unit of HHIH, will import liquefied petroleum gas (LPG) from Saudi Aramco to produce blue hydrogen, extracted from fossil fuel resources such as Natural gas.
It indicated that the carbon that is captured and stored during the production process will be provided to Saudi Aramco to extract crude oil from the exhausted oil fields.
HHIH said Hyundai Oilbank plans to sell blue hydrogen as a fuel for vehicles and thermal power plants or to use it in desulfurization equipment.
The refining unit also plans to establish 300 hydrogen charging stations by 2040 across South Korea.
Hyundai Oilbank will be supplied with blue ammonia, which refers to the ammonia that is produced while capturing and storing carbon emissions, to be used as fuel for its liquefied natural gas (LNG) boiler to be built by 2024.
In line with the hydrogen project, the Korea Shipbuilding and Marine Engineering Corporation (KSOE), a subsidiary of HHIH, is developing vessels that can carry liquefied petroleum gas (LPG) and carbon at the same time. It is also developing ammonia tankers and ships that run on ammonia fuel.
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