Aramco, Air Products Inaugurate Saudi Arabia’s 1st Hydrogen Fueling Station

Saudi Aramco and Air Products inaugurated the first hydrogen fueling station in Saudi Arabia. (SPA)
Saudi Aramco and Air Products inaugurated the first hydrogen fueling station in Saudi Arabia. (SPA)
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Aramco, Air Products Inaugurate Saudi Arabia’s 1st Hydrogen Fueling Station

Saudi Aramco and Air Products inaugurated the first hydrogen fueling station in Saudi Arabia. (SPA)
Saudi Aramco and Air Products inaugurated the first hydrogen fueling station in Saudi Arabia. (SPA)

Saudi Aramco and Air Products inaugurated on Tuesday the first hydrogen fueling station in Saudi Arabia at the Air Products’ new Technology Center in the Dhahran Techno Valley Science Park. The pilot station will fuel an initial fleet of six Toyota Mirai fuel cell electric vehicles with high-purity compressed hydrogen, reported the Saudi Press Agency.

The announcement comes amid growing international recognition of hydrogen’s benefits. A report released last week by the International Energy Agency (IEA) concludes that hydrogen has vast potential to help the world reduce emissions while addressing its energy needs.

“This pilot project represents an exciting opportunity for Saudi Aramco and Air Products to demonstrate the potential of hydrogen in the transport sector and its viability as a sustainable fuel for the future,” said Amin Nasser, President and Chief Executive Officer of Saudi Aramco.

“Today’s milestone is an important step in making oil-to-hydrogen a reality as Saudi Aramco continues to be focused on creating breakthrough technologies and solutions as part of our long-term efforts to reduce carbon emissions and address climate concerns.”

“It is well known that our world needs a sustainable system to address environmental challenges while also meeting growing energy demand. Hydrogen and fuel cell technologies are well positioned to be part of the solution,” said Seifi Ghasemi, Air Products’ Chairman, President and CEO.

“We are honored to collaborate with Saudi Aramco to establish and develop a sustainable, hydrocarbon-based hydrogen supply system for fuel cell vehicles in Saudi Arabia.”

The new fueling station combines Saudi Aramco’s industrial and technological experience with Air Products’ know-how and experience in the field of hydrogen fueling.

Air Products’ proprietary SmartFuel® hydrogen fueling technology will be incorporated into the new station to supply Toyota Mirai Fuel Cell Vehicles with compressed hydrogen. The data collected during the initial phase of this project will provide valuable information for the assessment of future applications of this emerging and diverse transport technology in the local environment.

It is expected that the fleet of Toyota Mirai vehicles will have a driving range of 500km with water as their only emission and the ability to be fueled in five minutes as opposed to an hour for traditional battery electric vehicles. This would demonstrate the potential of hydrogen fueled vehicles to make a significant contribution to a clean, secure and affordable energy future.



Global Markets Reel from Putin's Nuclear Threats

A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS
A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS
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Global Markets Reel from Putin's Nuclear Threats

A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS
A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS

President Vladimir Putin’s remarks on Tuesday about revising Russia’s nuclear doctrine triggered immediate reactions in global financial markets, as investors rushed to safe haven assets.

Putin issued a warning to the US lowering the threshold for a nuclear strike after the administration of Joe Biden reportedly allowed Ukraine to fire American-made long-range missiles deep into Russia.

The Russian President’s warnings sent markets to extreme volatility.

In this context, global stocks sharply fell while gold prices and the Japanese yen climbed amid rising geopolitical tensions between Ukraine and Russia.

Kremlin spokesperson Dmitry Peskov said Tuesday, “The Russian Federation reserves the right to use nuclear weapons in the event of aggression against it or the Republic of Belarus, ... with the use of conventional weapons, in a way that poses a critical threat to their sovereignty and (or) territorial integrity.”

The spokesperson further said that Russia would view the use of Western non-nuclear missiles by Ukraine as an attack by a non-nuclear state with the support of a nuclear state against the country, potentially justifying the use of nuclear weapons by Moscow, according to NBC news.

Rise of safe-haven assets

Global stocks briefly fell and investors fled to safe-haven assets on Tuesday, as global markets reacted to escalating tensions between the world's two largest nuclear powers: Russia and the US.

Investors rushed to safe-haven assets including gold and the Japanese yen.

Wall Street’s fear index, the Chicago Board Options Exchange’s CBOE Volatility Index, jumped to 17,88, its highest level since the November 5 US elections. It then fell to 16.61.

The Dow Jones Industrial Average shed 327 points, or 0.7%. The S&P 500 and Nasdaq Composite lost 0.5% each. Treasurys increased as investors moved into the safe haven, driving yields lower.

Europe's main stock index touched its lowest level in three months on Tuesday, spurring investors to head to safer havens.

The pan-European STOXX 600 closed 0.9% lower, after logging a third straight day of losses.

Metals and currencies under pressure

Meanwhile, base metals prices came under pressure on Tuesday as some investors chose safe-haven assets due to signs of escalating tensions between Russia and the United States over Ukraine.

Three-month copper on the London Metal Exchange (LME) fell 0.3% to $9,042 per metric ton in official open-outcry trading. Spot gold prices rose by about 1%.

Meanwhile, LME aluminium prices were stable at $2,607 in official activity as the market digested China's plan to remove a tax refund on exports of some aluminium products.

Lead lost 0.4% to $1,983 due to the second day of a significant inflow of the metal to the LME-registered warehouses in Singapore.

Zinc fell 0.1% to $2,947.5, tin eased 0.4% to $28,900 and nickel rose 1.2% to $15,915.

In currency markets, the Japanese yen rose 0.7% and 0.36% against the euro and US dollar respectively.

“Typical risk-off move in forex following the headline,” said Athanasios Vamvakidis, global head of forex strategy at Bofa, referring to the reaction to the Kremlin statement.

“The market has been complacent on geopolitical risks, focusing on other themes,” he added. “Positioning has been a long risk, getting even more stretched after the US elections.”

In return, crude oil futures were down slightly. A barrel of West Texas Intermediate, scheduled for delivery in December, fell 0.53% to $68.79.

Meanwhile, the price of a barrel of Brent, scheduled for delivery in January, fell 0.38% to $73.02.