Abu Dhabi to invest billions in ExxonMobil’s Texas hydrogen project

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Financial Times 12h ago

Abu Dhabi to invest billions in ExxonMobil’s Texas hydrogen project - Financial Times

Quick Summary:

Sheikh Khaled bin Mohammed bin Zayed al-Nahyan, the son of the ruler of the United Arab Emirates, took part in the signing of a “multibillion-dollar” deal on Wednesday between Adnoc, Abu Dhabi’s state oil company, and Exxon.

The plant aims to produce 1bn cubic feet (bcf) a day of “blue” hydrogen, which is made from gas but with technology to capture the resulting carbon emissions.

Last December, the US Treasury issued draft guidelines for how it would allocate tax breaks to hydrogen plants, which did not mention blue hydrogen facilities such as Baytown.