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South Korean refiner Hyundai Oilbank Co and Air Products & Chemicals Ltd., the world's leading hydrogen supplier, have signed a memorandum of understanding to develop hydrogen technology and business models.
Hyundai Oilbank will adopt Air Products' technology in using natural gas and crude byproducts to produce hydrogen for use in vehicles and power generation.
The refiner plans to produce 10,000 tons of "blue" hydrogen by 2025 and develop a business model for "green" hydrogen.
Hyundai Oilbank also intends to its refinery business ratio from the current 85 percent to 50 percent by 2030 to diversify its energy mix and reduce its carbon emissions.
Air Products, based in Philadelphia, is the world's leading supplier of hydrogen and hydrogen mobility solutions with over 60 years of experience.
