According to Yonhap News Agency, Hyundai Heavy Industries Holdings Co. (HHIH) has inked a deal with Saudi Arabia's state-run oil firm Saudi Aramco to cooperate on a hydrogen project, with HHIH subsidiary Hyundai Oilbank importing liquefied petroleum gas (LPG) for blue hydrogen production from Saudi Aramco.

In addition, carbon dioxide captured and stored during the production process will be provided to Saudi Aramco for the extraction of crude oil from exhausted oil fields.

Hyundai Oilbank plans to sell blue hydrogen as fuel for vehicles and thermal power plants or to use it for desulfurization equipment, and is planning to establish 300 hydrogen charging stations throughout South Korea by 2040. 

The company will also receive blue ammonia from Saudi Aramco.