Abu Dhabi National Oil Company (ADNOC) and South Korea's GS Energy agreed to explore opportunities to grow Abu Dhabi’s hydrogen economy and carrier fuel export position.
During a virtual business trip hosted by ADNOC on Thursday, Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group Managing Director and CEO, and Yun-Mo Sung, Korean Minister of Trade, Industry and Energy, discussed new opportunities to expand upon the UAE and Korea’s many years of strong bilateral ties.
The discussion focused on possible areas for further economic partnership, the global climate challenge, the promise of hydrogen and opportunities for greater UAE-Korea industrial cooperation, which had in attendance of Yongsoo Huh, the President and CEO of GS Energy.
"Approximately ten percent of South Korea’s crude oil is currently imported from the UAE, Korean companies are significant stakeholders in several of Abu Dhabi’s upstream concessions and Korean contractors today play critical roles on major projects across our oil and gas value chain," Dr. Al Jaber said.
"We look forward to building upon these successes as we seek to expand our existing relationship with GS Energy, identifying possible areas of investment in Abu Dhabi’s emerging blue hydrogen ecosystem as well as the Emirate’s world-scale refining and petrochemicals assets in Ruwais," he added.
ADNOC has enjoyed decades of mutually beneficial strategic partnerships with GS Energy and other leading companies from the Republic of Korea, including, most recently, GS Energy’s partnership with Intercontinental Exchange (ICE) on the launch of ICE Futures Abu Dhabi (IFAD).
ADNOC’s latest agreement with GS Energy reinforces this foundation in low-carbon energy and innovation, through its focus on blue hydrogen and its carrier fuels as promising areas for development within the fast-evolving global energy mix.
(Writing by Seban Scaria; editing by Daniel Luiz)
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 2021