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Hydrogen

Hyundai Oilbank, Air Products sign MOU to make hydrogen

By Apr 06, 2021 (Gmt+09:00)

Air Products Korea President Kim Kyo-yung (left); Hyundai Oilbank CEO Kang Dal-ho (right)
Air Products Korea President Kim Kyo-yung (left); Hyundai Oilbank CEO Kang Dal-ho (right)

Hyundai Oilbank Co., the oil refining unit under Hyundai Heavy Industries Holdings Co., has joined hands with US gas and chemical company Air Products and Chemicals Inc. to produce hydrogen.

Hyundai Oilbank CEO Kang Dal-ho and Air Products Korea President Kim Kyo-yung signed a strategic agreement on Apr. 6 to cooperate on the hydrogen business.

Air Products is the world’s largest hydrogen supplier and has technological expertise in hydrogen production using a range of base materials such as natural gas.

Under the deal, Hyundai Oilbank will use Air Products’ technology to produce hydrogen from natural gas and petroleum byproducts for use in cars and electric power generation.

The two companies will also develop a new revenue stream using green hydrogen, a type of hydrogen with zero carbon emissions by using renewable energy sources in its production.

Air Products has kicked off a green hydrogen project in Saudi Arabia last July with plans to build a chemical production plant for Neom, a futuristic, sustainable city being built on the Red Sea in northwest Saudi Arabia.

The production plant will use solar and wind power to produce ammonia, which is made into hydrogen through electrolysis, emitting zero carbon. The plant will be built by 2025 and will be the world’s largest ammonia production facility.

“We will cut our reliance on the oil business, which makes up 85% of our current revenue, by reducing the portion to 40% by 2030. We will transform into a green energy company by generating 70% of our operating profit from eco-friendly segments,” said Hyundai Oilbank CEO Kang Dal-ho.

Write to Kyung-Min Kang at kkm1026@hankyung.com

Daniel Cho edited this article.

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