To support Aramco’s decarbonisation goals, a new memorandum of understanding (MoU) has been signed with Modern Industrial Investment Holding Group and InterContinental Energy that will see the development of a green hydrogen and ammonia project in Saudi Arabia.
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This is part of a new focus by Aramco to pursue investment opportunities in projects that could substantially reduce greenhouse gas emissions as it looks to achieve net zero emissions by 2050.
This could significantly support the domestic hydrogen value chain in addition to exportation opportunities.
Amin Nasser, President and CEO of Aramco, said, “Our plans illustrate our focus on developing innovative projects and investments, which support our long-term business strategy and aim to have a positive impact.
“Collaboration will be crucial in promoting economic development and creating new opportunities, as we expand our portfolio, diversify our business, advance low-carbon energy technologies and develop sustainable solutions.
“The Ministry of Energy, led by HRH Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, has enabled a business-friendly investment environment for strategic initiatives and programs, including advancing our work on the Jafurah gas field, which will play an important role in the expansion of our gas operations, support diversification of our portfolio and benefit the Kingdom’s business sectors.”
Alicia Eastman, President of InterContinental Energy, said, “InterContinental Energy is delighted to partner with Aramco and Modern Industrial Investment Holding Group on the project, which will propel Saudi Arabia’s net-zero agenda and deliver cost-effective green fuels internationally.
“Green hydrogen has a critical role to play in a truly zero-carbon world and this project will be critical to helping make that happen.”
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