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Saudi Aramco: Goal to Produce 11 Mln Tons of Blue Ammonia Remains Unchanged

Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)
Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)
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Saudi Aramco: Goal to Produce 11 Mln Tons of Blue Ammonia Remains Unchanged

Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)
Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)

Saudi Aramco has clarified that the reports claiming it was pausing blue hydrogen plans are inaccurate.

The company’s goal of producing up to 11 million tons of blue ammonia, a carrier of blue hydrogen, by 2030 remains unchanged, it said in a statement on Thursday.

"Aramco continues to work with potential customers and other stakeholders around the world and is making real progress across the blue hydrogen value chain.”

“This includes receiving the world’s first independent certification with Sabic for blue ammonia and blue hydrogen production, as well as delivering three shipments of blue ammonia to customers in Asia," the statement added.

Meanwhile, Saudi Aramco is pushing back a planned Riyadh initial public offering of its energy-trading business, people with knowledge of the matter told Bloomberg.

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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.