(Bloomberg) -- Three of Abu Dhabi’s biggest government-backed companies agreed to work together to turn the oil-rich emirate into an exporter of blue and green hydrogen.
Mubadala Investment Co., Abu Dhabi National Oil Co. and ADQ have formed an alliance to produce hydrogen using natural gas and renewable energy and market it overseas as well as in the United Arab Emirates, ADQ said in a statement.
Some Middle Eastern states that built their fortunes on oil are seeking to develop hydrogen as fuel, given a shift among some of their buyers toward less-polluting alternatives to crude. Saudi Arabia’s energy minister has said he wants the kingdom -- the world’s biggest oil exporter -- to become the world’s largest shipper of hydrogen.
Like Saudi Arabia, Abu Dhabi produces natural gas, which it could use to produce what is known as blue hydrogen. It also has ample sunshine, which it could harness to develop a variant called green hydrogen. Abu Dhabi is the capital and largest emirate in the UAE.
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