[EXCLUSIVE] Hyundai Motor, Saudi Aramco to cooperate on hydrogen

South Korean carmaker Hyundai Motor will partner Aramco, the biggest oil company in the world, on the “comprehensive” development of hydrogen energy, sources told The Korea Herald on Wednesday.

An official familiar with the matter said the two companies would sign a memorandum of understanding on hydrogen-related business in the presence of Saudi Arabia’s Crown Prince Mohammed Bin Salman and Hyundai Motor Group Executive Vice Chairman Chung Eui-sun.

The Saudi Prince visits Seoul on June 26-27. During his two-day visit, the prince plans to meet four conglomerate chiefs including Hyundai’s Chung and Samsung Electronics Vice Chairman Lee Jae-yong.

“With the momentum from the prince's Seoul visit, Hyundai and Aramco will sign an MOU on the comprehensive development of hydrogen as energy," said the official.

“The area of partnership will probably include Hyundai’s fuel cell technology."

Reports and sources have referred to hydrogen as a future business for Saudi’s Aramco.

On Monday, Aramco opened its first hydrogen fueling station in Dhahran Techno Valley, in the heart of the Kingdom’s oil producing region.

By Cho Chung-un (christory@heraldcorp.com)