ADVERTISEMENT
Saudi Green Hydrogen Plan Won’t Erode Oil’s Dominance
Saudi Green Hydrogen Plan Won’t Erode Oil’s Dominance
27 Oct 2020, 04:21 PM IST
(Bloomberg) -- Saudi Arabia is building the world’s biggest green hydrogen facility, but oil will continue to be the kingdom’s main business after the plant starts operating in 2025. The $5 billion development will use renewable energy to produce hydrogen equivalent to as much as 15,000 barrels of oil a day, Ahmad Al-Khowaiter, chief technology officer of state energy firm Saudi Aramco, which isn’t involved in the project, said at a conference last week. The country plans to increase its production capacity for crude oil to 13 million barrels a day from 12 million.
©2020 Bloomberg L.P.
Get live Stock market updates, Business news, Today’s latest news, Trending stories, and Videos on NDTV Profit.
ADVERTISEMENT