Saudi Arabia has set an ambitious plan to become the biggest exporter of hydrogen, according to Bloomberg. The Kingdom aims to use its large natural gas reserves to produce blue hydrogen. It plans to generate the green hydrogen from solar power at a $5 billion facility in Neom, a futuristic city being built on the Red Sea starting 2025.

  • In its hydrogen supply plan, Saudi Arabia focuses on preserving its role as an important energy supplier, especially to countries shifting away from polluting fossil fuels.
  • In September, Saudi Arabia shipped the world’s first blue hydrogen carbon, which was converted into ammonia.
  • Hydrogen is seen as critical in curbing climate change but requires a lot of energy to produce, making it expensive and is also difficult to transport. 

Oil futures are currently gaining. CL! is up 1.76%