The market for hydrogen is tiny today but could be worth as much as US$700 billion ($949 billion) annually by 2050, according to BloombergNEF.
Abu Dhabi is seeking investors to help build hydrogen export facilities, as Middle Eastern oil producers step up plans to sell what’s seen as a crucial fuel in the transition to cleaner energy.
Abu Dhabi National Oil Co (Adnoc), which pumps almost all the oil and natural gas in the United Arab Emirates, is in talks about buying equity stakes in the hydrogen projects, according to people familiar with the matter. It also aims to sign long-term supply contracts before pushing ahead with the investments, they said.
