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Hyundai Heavy Industries Holdings has signed a deal to import liquefied petroleum gas from state-run oil firm Saudi Aramco to produce blue hydrogen.
Under the deal, Hyundai Oilbank, HHIH's refining unit, will import liquefied petroleum gas from Saudi Aramco. The refining unit will also be provided with blue ammonia to fuel its liquefied natural gas (LNG) boiler.
Hyundai Oilbank will then sell blue hydrogen as a fuel for vehicles and thermal power plants and use it in desulfurization equipment.
Hyundai Oilbank will also provide Saudi Aramco with carbon dioxide captured and stored during the production process to be used ba the latter in the extraction of crude oil from exhausted oil fields.
There are also plans for Hyundai Oilbank to set up 300 hydrogen charging stations by 2040 across South Korea.
Korea Shipbuilding & Offshore Engineering, HHIH's sub-holding company, is also developing ships that can simultaneously carry LPG and carbon while developing ammonia carriers and ammonia-fueled ships.
