<article><p class="lead">State-controlled energy giant Saudi Aramco has signed an initial agreement to build a new green hydrogen and ammonia plant with Hong Kong-based green hydrogen developer InterContinental Energy, as it tries to bring private investment into the sector. </p><p>The agreement also includes Saudi firm Modern Industrial Investment Holding, Aramco said today. No other details such as the size or location of the project were revealed. </p><p>Intercontinental Energy is already developing <a href="https://direct.argusmedia.com/newsandanalysis/article/2225279">two huge hydrogen and ammonia plants in Australia and one in Oman</a>.</p><p>The announcement was made during Saudi Arabia's Future Investment Initiative in Riyadh, just days after crown prince Mohammed bin Salman set a goal for the country to become net carbon neutral by 2060. Aramco itself aims to achieve net-zero greenhouse gas emissions across its wholly-owned operated assets a decade earlier. </p><p>Saudi Arabia is targeting hydrogen production — both blue and green — of 2.9mn t/yr by 2030 and 4mn t/yr by 2035. Its first green hydrogen project, at Neom in the country's northwest, will produce only 240,000 t/yr by 2025.</p><p>At the same time, Aramco is expanding its focus on emerging sectors to drive private-sector innovation and investment. Intercontinental Energy's hydrogen deal was among five initial agreements signed by Aramco covering nature-based solutions to reduce emissions, manufacturing advanced non-metallic building materials, and digital technologies for oil and gas applications.</p><p class="bylines">By Adal Mirza</p></article>
