Nogaholding, the investment and development arm of Bahrain's National Oil and Gas Authority (NOGA), has signed a Memorandum of Understanding with Air Products to assess the feasibility of developing a hydrogen economy in the Kingdom.
In July, Air Products had signed an agreement with Saudi Arabia's ACWA Power and NEOM to develop a $5 billion green hydrogen-based ammonia production facility in NEOM economic zone.
The MoU was signed by Mazan Matar, Chairman of Bahrain LNG and Imtiaz Mahtab, President of Middle East, Egypt and Turkey, Air Products, under the patronage of Oil Minister Shaikh Mohamed Khalifa Al Khalifa, a report by state-owned Bahrain News Agency said.
Shaikh Mohammed said the joint efforts would help Bahrain's transition to a low carbon economy.
"Amid global challenge of greenhouse gas emission and increasing international recognition of hydrogen's benefit, this joint effort explores the viability of developing hydrogen as a sustainable fuel in the transport sector... Hydrogen usage, circular carbon economy and LNG regasification would play a role in the solutions for a clean energy environment while addressing the global challenge of growing energy needs. We are keen to collaborate with prominent international institutions on researches and innovations to leapfrog the development of our oil and gas sector..," he said.
Mazen Matar, Chairman of Bahrain LNG said the studies outlined in the MoU would analyse the potential of hydrogen resources, evaluate oil recovery possibilities, and devise plans for deploying permanent hydrogen refueling stations with an ultimate goal of achieving a hydrogen economy.
(Writing by Sowmya Sundar; editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020