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| S-Oil CEO Hussain A. Al-Qahtani, left, and Saudi Aramco's Vice President of Chemicals and Hydrogen Olivier Thorel pose after signing MOUs at "Saudi Arabia ― Korea Investment Forum for Smart Innovation & Growth," held at the Ritz-Carlton Riyadh, Tuesday. Courtesy of S-OIL |
By Kim Jae-heun
Local petroleum and refinery S-OIL said Wednesday that it has signed four memoranda of understanding (MOUs) with Saudi Aramco, aimed at collaboration in the alternative energy business, which includes Thermal Crude to Chemicals (TC2C) technology, research and development into the production of lower-carbon future energy and investment in venture capital.
The two companies agreed on the business partnership during the "Saudi Arabia ― Korea Investment Forum for Smart Innovation & Growth" event, held at the Ritz-Carlton Riyadh with the presence of government officials from the energy and industry ministries, as well as business representatives from both countries.
S-Oil and Saudi Aramco promised to actively explore potential cooperation in building infrastructure to store, supply and utilize competitive blue hydrogen and blue ammonia after bringing them into Korea. Such cooperation includes R&D on importing and supplying blue hydrogen and blue ammonia.
Moreover, both companies aim to pursue the production of hydrogen, the development of new carbon capture technology, plastic recycling technology, as well as research on carbon-neutral "e-Fuel." Areas of cooperation include potential joint investments in domestic venture companies specialized in new energy technologies or de-carbonization.
The deal signed by Saudi Aramco and S-Oil on blue hydrogen is a win-win model for the countries, which are aiming to solidify their positions as a global hydrogen energy producer and consumer.
"We articulated an ESG Roadmap and Green Initiative, to make sure our ESG practices not only serve the company well, but also all our stakeholders and communities at-large." said Hussain A. Al-Qahtani, the CEO of S-Oil in his New Year speech.
Last year, the company bought a 20-percent stake in fuel cell venture company FCI to make inroads into the hydrogen business. Additionally, it participated in the clean hydrogen project consortium with Samsung C&T and Korea Southern Power Co. (KOSPO) to accelerate its hydrogen business.
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