Saudi Aramco, Dhahran, has signed a Memorandum of Understanding (MOU) with Riyadh-based Modern Industrial Investment Holding Group and Hong Kong-based InterContinental Energy, a leading green hydrogen developer, to develop a green hydrogen and ammonia project in Saudi Arabia. The Saudi company provided no further details on the project, however.
The MOU was one of five separate memoranda signed by the company on Oct. 26. One of these was inked with South Pole Carbon Asset Management Ltd. and Yousef Abdulrahman Al Dhabyan Agriculture Est. (Yadgreen) to evaluate the feasibility of establishing a National Green Services Company to develop and innovate “nature-based solutions that help reduce greenhouse gas emissions.”
In a separate development this week, Saudi Aramco is reported to be in talks with potential buyers for exports of blue ammonia that it expects to begin from 2030.
The company is investing in hydrogen production research and facilities. But Saudi Aramco Chief Technology Officer Ahmad Al-Khowaiter, speaking at an investment conference in Riyadh this week, declined to comment to Bloomberg on how much money the company is planning to invest in hydrogen.
The company initially needs to secure demand and that is the process the company is looking at right now, Al-Khowaiter said.