Search Site

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

IHC Q1 net profit $2.17bn

The company launches Share Buyback Programme

Amazon triples quarterly profit

The company's cloud, ads, and retail businesses thrive.

McDonald’s profits up 7%

The quarterly profits increased despite weak Middle East sales.

Masdar City to have Middle East’s first high-speed hydrogen refueling station

Lumi Rental Company's offering represents 30% of its share capital.
  • The station, situated in Masdar City and spearheaded by ADNOC, will utilize an electrolyser powered by clean grid electricity to produce clean hydrogen from water.
  • Upon completion later this year, ADNOC Distribution will assume operational responsibilities for the refueling station in Masdar City.

Abu Dhabi, UAE — Abu Dhabi National Oil Company (ADNOC) has commenced the construction of the Middle East’s inaugural high-speed hydrogen refueling station.

The station, situated in Masdar City and spearheaded by ADNOC, will utilize an electrolyser powered by clean grid electricity to produce clean hydrogen from water.

Hydrogen, a zero-emission fuel, boasts the highest energy per mass of any fuel, offering vehicles an extended driving range and rapid refueling times compared to battery electric vehicles.

Recognizing its potential as a game-changing fuel source, ADNOC has partnered with Toyota Motor Corporation (Toyota) and Al-Futtaim Motors to conduct a comprehensive testing program for the high-speed hydrogen refueling station, employing a fleet of hydrogen-powered vehicles.

Under the partnership agreement, Toyota and Al-Futtaim Motors will provide a fleet of hydrogen-powered vehicles, enabling ADNOC to gain valuable insights into the practical applications of high-speed refueling in mobility projects. This initiative aligns with the UAE’s National Hydrogen Strategy, which seeks to position the country among the world’s leading hydrogen producers by 2031.

Upon completion later this year, ADNOC Distribution will assume operational responsibilities for the refueling station in Masdar City. Additionally, a second station, located in Dubai Golf City, will be equipped with a conventional hydrogen fueling system, further advancing the country’s hydrogen infrastructure.

To support its commitment to lower-carbon solutions, ADNOC has allocated $15 billion (AED55 billion) towards the advancement and acceleration of decarbonization technologies and new energy sources. The company aims to reduce its carbon intensity by 25 percent by 2030 and achieve Net Zero status by 2050.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, emphasized the urgency of reducing carbon emissions to combat climate change. He stated, “ADNOC is placing sustainability and decarbonization at the heart of its strategy, and while we decarbonize our operations today, we are making robust investments to be a supplier of choice for the clean energies of tomorrow.”

Dr. Al Jaber further emphasized the importance of hydrogen in driving the energy transition and facilitating large-scale decarbonization of economies. He noted that through the pilot program, ADNOC aims to gather crucial data on the performance of hydrogen transportation technology, while simultaneously advancing the hydrogen infrastructure in the United Arab Emirates (UAE).