MENA’s first high-speed hydrogen refueling station is coming: UAE’s Adnoc has broken ground on the Middle East’s first high-speed hydrogen refueling station, which will be completed and operational this year in Masdar City, according to a statement. The station — which will be operated by Adnoc Distribution — will produce clean hydrogen from water using an electrolyzer powered by clean grid electricity. A second station based in Dubai Golf City is set to be fitted with a conventional hydrogen fueling system.

Toyota and Al Futtaim Motors are all in: Adnoc also announced a partnership with Toyota and Al Futtaim Motors to test the station using a fleet of clean hydrogen-powered vehicles provided by the two automakers, the statement notes.

Under Adnoc’s decarbonization umbrella: The plans come under a USD 15 bn allocation by Adnoc in January to advance and accelerate low-carbon solutions, new energy investments and decarbonization technologies to help slash its carbon intensity by 25% by 2030 and enable its net zero goals by 2050.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Saudi Aramco’s venture capital arm Wa’ed Ventures has invested in AI technology company Tenderd to support its efforts in decarbonizing their operations. Tenderd operates in both Saudi Arabia and the UAE. (Statement)
  • Ma’aden made an early debt payment of USD 800 mn on a loan financed by KSA’s sovereign wealth the Public Investment Fund and a number of other financial institutions. The loan represents 7% of its USD 5 bn loan it took out in 2014, making it the largest debt repayment for the company yet. (Saudi Press Agency)
  • Algeria’s President Abdelmadjid Tebboune agreed with Chinese counterpart Xi Jinping to increase bilateral cooperation in the minerals sector. (Reuters)
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