Hyundai Heavy Industries is developing ships capable of carrying CO2 and LPG at the same time in partnership with Saudi Aramco as the two giant conglomerates firm ties on a host of fuel projects.
Hyundai Heavy Industries Holdings Co (HHIH) signed a deal with Aramco today to cooperate on a hydrogen project, whereby refining subsidiary Hyundai Oilbank will import LPG from Aramco to produce blue hydrogen.
Carbon captured and stored during the production process will also be shipped to Saudi Aramco on a brand new type of vessel for the extraction of crude oil from exhausted oil fields.
Hyundai Oilbank plans to establish 300 hydrogen charging stations by 2040 across South Korea. Hyundai Oilbank has also signed up to take blue ammonia from Aramco. Aramco acquired a 17% stake in Hyundai Oilbank in December 2019.
Hyundai Heavy, South Korea’s largest shipbuilder, said today it is creating new ships that can carry LPG and CO2 at the same time, while also working on designs for ammonia carriers and ammonia-fuelled ships. Subsidiary Hyundai Mipo Dockyard is pressing ahead with plans to commercialise ammonia-fuelled ships by 2025. The Korean yard has been working on the project with engine maker MAN Energy Solutions and British class society Lloyd’s Register.
Hyundai Heavy and Aramco have a long history of working together on big projects, including the running of International Maritime Industries, a joint venture shipyard in Saudi Arabia.
Aramco has been working with Hyundai Motor, South Korea’s top automaker, to develop hydrogen-powered cars for the last couple of years too.