A memorandum of understanding (MoU) was signed between the energy ministry and Germany’s Federal Ministry of Economic Affairs and Energy in relation to the hydrogen field. This was approved by Saudi’s Cabinet.
Amin Nasser, CEO of Aramco said that the oil producer of Saudi Arabia is looking for off-take agreements (agreements between a producer and a purchaser to buy or sell portions of the producer’s upcoming output) for hydrogen to expand its output in its key market areas.
Following the pathway of Abu Dhabi, Aramco and other Gulf oil producers plan to sell stakes in energy assets and capitalizing on a rebound in crude prices to attract foreign investors and to raise tens of billions of dollars.
There are opportunities for the companies in the hydrogen market and there is strong potential for growth and exports.
“We are looking to capture a big percentage of that market, we have an advantage,” Nasser said.
Countries including Europe and North American states are finding ways to produce emissions-free hydrogen in order to reduce carbon emissions and turn away global warming.
