Saudi Aramco buys 50% of Blue Hydrogen Industrial Gases Company
Aramco announced on Monday that it has bought 50% of the Blue Hydrogen Industrial Gases Company (BHIG), which is based in Jubail. BHIG was fully owned by Air Products Qudra (AOQ), according to a joint statement.
Acquisition Details
The acquisition is based on an agreement made last year. Its goal is to supply hydrogen, including low-carbon hydrogen, to the Jubail Industrial City area. This supports the development of a hydrogen network in the Eastern Province of Saudi Arabia.
In July, the Saudi energy company signed final agreements to buy a share in BHIG. At that time, the company said the deal, which still needed standard approvals, would also allow it to buy hydrogen and nitrogen.
BHIG plans to produce hydrogen, including low-carbon hydrogen from natural gas, by capturing and storing carbon dioxide. The company is expected to start making blue hydrogen as part of Aramco’s carbon capture and storage (CCS) efforts in Jubail.
“This partnership is another step by Aramco and Air Products Qudra to build a strong hydrogen network in the Eastern Province. This will support industries like refining, chemicals, and petrochemicals,” said Ahmed Hababou, Chairman of Air Products Qudra.
Direct Air Capture (DAC) Unit
Last week, Aramco launched a test unit that can remove 12 tons of carbon dioxide from the air every year. This unit, developed with Siemens Energy, is the first of its kind in the Gulf region. It is an important step in Aramco’s plan to improve its ability to capture CO2 from the air.
Aramco also said it will use this facility to test new CO2 capture materials suited to Saudi Arabia’s climate.
2024 Financial Results
In March, Aramco reported that its net profit for 2024 dropped by 12.4% to $106.2 billion, mainly because of lower oil prices and sales. The company’s total revenue also fell by nearly 1%, from $440.8 billion in 2023 to $436.6 billion in 2024.
Last year, Aramco spent $53.3 billion on capital investments, including $50.4 billion on organic growth. For 2025, the company plans to invest between $52 billion and $58 billion, not including about $4 billion in project financing.
Published: 25th March 2025
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