Saudi Aramco, the biggest oil company in the world, will partner with Hyundai Motor for the development of hydrogen energy.
Aramco president and chief executive officer (CEO) Amin Nasser, who is visiting South Korea, will sign a memorandum of understanding (MOU) with Hyundai Motor on cooperation in the hydrogen energy sector, according to industry sources.
It seems that Saudi Arabia's state oil giant has decided to join hands with Hyundai Motor in hydrogen energy to expand its business portfolio from oil to future energy, such as hydrogen, solar power and wind power. Aramco is also paying attention to the hydrogen energy sector because hydrogen energy can be produced from crude oil. In fact, the firm is operating the country’s first hydrogen fueling station in Dhahran, Saudi Arabia.
Currently, electric vehicles (EVs) and hydrogen-powered EVs are competing in the future green car market. As Aramco is turning its eyes to the hydrogen energy industry, the hydrogen-powered car market can be expanded at a faster pace, said Hyundai Motor. Only Hyundai Motor and Japan’s Toyota and Honda can mass produce hydrogen-powered EVs in the world now.