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ADNOC and Korea’s GS Energy Explore Opportunities to Grow Abu Dhabi’s Hydrogen Economy and Carrier Fuel Export Position

04th March 2021

Companies sign agreement to collaborate on potential development of new value chains for blue hydrogen and carrier fuels, such as blue ammonia, in Abu Dhabi

Agreement reached during the UAE’s virtual business trip to Republic of Korea where UAE Minster of Industry and Advanced Technology met with business leaders and Republic of Korea Minister of Trade, Industry and Energy

Areas of discussion included possible areas for further economic partnership, the global climate challenge, the promise of hydrogen and industrial cooperation to build on the two nations’ many years of strong bilateral ties

During the trip, His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group Managing Director and CEO, and H.E. Yun-Mo Sung, Republic of Korea Minister of Trade, Industry and Energy, discussed new opportunities to expand upon the UAE and Republic of Korea’s many years of strong bilateral ties. The discussion focused on possible areas for further economic partnership, the global climate challenge, the promise of hydrogen and opportunities for greater UAE-Korea industrial cooperation, which had in attendance of Mr. Yongsoo Huh, the President and CEO of GS Energy.

H.E. Dr. Sultan Ahmed Al Jaber said: “This agreement not only reflects ADNOC’s longstanding partnership with GS Energy and its affiliates, but also the great importance the UAE places on its strategic relationship with the Republic of Korea across multiple sectors. Approximately ten percent of South Korea’s crude oil is currently imported from the UAE, Korean companies are significant stakeholders in several of Abu Dhabi’s upstream concessions and Korean contractors today play critical roles on major projects across our oil and gas value chain.”

“We look forward to building upon these successes as we seek to expand our existing relationship with GS Energy, identifying possible areas of investment in Abu Dhabi’s emerging blue hydrogen ecosystem as well as the Emirate’s world-scale refining and petrochemicals assets in Ruwais.”

The UAE virtual business trip is aimed at expanding bilateral economic and trade relations between both countries as they drive economic growth in the wake of the COVID-19 pandemic. The trip included presentations from representatives of the UAE Ministry of Industry and Advanced Technology, Masdar, Mohammed Bin Zayed University for Artificial Intelligence (MBZUAI) and executives from ADNOC’s directorates.

H.E. Dr. Sultan Ahmed Al Jaber also met with Mr. Yongsoo Huh during a CEO roundtable to explore collaborating in areas of mutual interest across various sectors.

Mr. Yongsoo Huh said: “As a stakeholder and a partner of the ADNOC Upstream Concessions, we are excited to strengthen this partnership by jointly seeking opportunities within the blue hydrogen ecosystem.”

ADNOC has enjoyed decades of mutually beneficial strategic partnerships with GS Energy and other leading companies from the Republic of Korea, including, most recently, GS Energy’s partnership with Intercontinental Exchange (ICE) on the launch of ICE Futures Abu Dhabi (IFAD).

ADNOC’s latest agreement with GS Energy reinforces this foundation in low-carbon energy and innovation, through its focus on blue hydrogen and its carrier fuels as promising areas for development within the fast-evolving global energy mix.

This agreement also makes ADNOC well-placed to further strengthen the UAE’s historic relationship with Korea, reinforcing the resilience of both nations’ economies throughout the COVID-19 pandemic and seizing the many potential joint opportunities for greater industrial cooperation, particularly those which capitalize upon the UAE and Republic of Korea’s regional leadership in both technology and sustainability.

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