Saudi Aramco says buying 50% stake in Air Products blue hydrogen business (NYSE:APD)

Air Products and Chemicals (NYSE:APD) +3% in Tuesday’s trading after Saudi Aramco (ARMCO) said it signed definitive agreements to acquire a 50% stake in the company’s Blue Hydrogen Industrial Gases business; Aramco did not disclose financial details but said the deal includes options to offtake hydrogen and nitrogen.

Aramco (ARMCO) said the deal will boost its lower-carbon hydrogen business and contribute to the development of a lower-carbon hydrogen network in Saudi Arabia’s Eastern Province, serving both domestic and regional consumers.

Two months ago, Saudi Arabia signed off on an $8.4B green hydrogen plant being built by NEOM Green Hydrogen Company, a joint venture between Air Products (APD), ACWA Power and NEOM.