Saudi Aramco in 'advanced' talks on hydrogen offtake as Q3 income drops 15.3%
Aramco's Q3 net income fell 15.3% to $27.6 billion on low oil prices. Aramco is looking to expand into new business areas such as renewables and hydrogen.
DUBAI — Saudi Aramco's chief financial officer said the company was in "advanced discussions" to reach offtake agreements in hydrogen, as the world's largest oil-exporting company looks to diversify its hydrocarbons business.
"We continue to advance discussions with a number of potential international customers to secure offtake agreements," Ziad Al-Murshed said in an earnings call for the company's Q3 financial report.
"These provide the anchor to the economic returns of our investments, which, as we've always said, would only proceed with commercial offtake," he added.
Saudi Aramco, which had an average hydrocarbon output of 12.7 million barrels of oil equivalent a day according to the latest financial report, plans to add renewable energy and hydrogen to its portfolio.
