Aramco completed the acquisition of a 50% stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG) from its sole owner Air Products Qudra (APQ) — a joint venture between US industrial gas supplier Air Products and homegrown energy startup Qudra Energy, according to a joint statement. BHIG is expected to use Aramco’s carbon capture and storage (CCS) hub in Jubail to commence commercial production. The size of the transaction was not disclosed.

REFRESHER- The state-owned oil giant inked the final agreements for the transaction in July 2024. saying that it expects its investment in BHIG to help create a lower-carbon hydrogen network in the Eastern Region that would serve local and regional customers in the refining, chemical and petrochemical industries. It also said it will have the option to offtake hydrogen and nitrogen from BHIG.

What they said: “Aramco’s investment in BHIG is expected to contribute to the development of a hydrogen network in the Kingdom of Saudi Arabia’s Eastern Province. This network, along with our CCS hub in Jubail, can help us capitalize on emerging opportunities both domestically and globally,” said Aramco’s executive vice president Ashraf Al Ghazzawi.

The second Aramco acquisition in less than a week? Aramco reportedly acquired Peru’s downstream fuel distributor Primax last Friday in a transaction that included a payment of USD 3.5 bn.

Market reax: Aramco’s share price rose 0.58% to SAR 25.65 apiece at yesterday’s close, with 7.54 mn shares traded in volume, according to market data.

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