BP and Masdar have signed a memorandum of understanding (MoU) for Masdar to acquire a stake in the former’s proposed green hydrogen project, HyGreen Teesside, in the UK.
The project is planned to produce 60MW of hydrogen at start-up in 2025, increasing to up to 500MW by 2030.
The oil and gas company is also offloading a 25% in the design stage of its blue hydrogen project H2Teeside to ADNOC, the UAE’s largest energy company.
BP chief executive Bernard Looney (pictured) said: “By joining forces with ADNOC and Masdar we are reinforcing the world-leading role that Teesside, and the UK more widely, can play in developing new supplies of energy, as well as new skills and supply chains.
“We’re backing Britain and the resources, capability and net zero ambition here in the UK make it ideal for the development of low carbon hydrogen – and together we can help deliver a significant contribution to the UK’s newly increased hydrogen ambition.
“As well as boosting home-grown energy, the global nature of our partnership with ADNOC and Masdar will support our plans to decarbonise some of the most hard-to-abate sectors in the world – like industrial manufacturing, power and aviation.”
Mohamed Jameel Al Ramahi, Masdar’s chief executive, said: “Today’s announcements will strengthen the strategic partnership between Masdar, ADNOC and BP and continue to drive clean energy innovation for both the UAE and the UK.
“Masdar has been a long-standing investor in the UK’s renewable energy sector, and we will leverage our expertise in offshore wind and sustainable aviation fuels to support both nations’ energy transition while solidifying the UAE’s leadership position in the emerging green hydrogen economy.”