Aramco on 50 % stake acquisition in Blue Hydrogen: the advisors
White & Case advised Aramco on its acquisition of a 50 percent interest in Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra (“APQ”), itself a joint venture between Air Products and Chemicals Inc and Vision Invest advised by Herbert Smith Freehills.
About the transaction
Upon completion of the transaction, which is subject to standard closing conditions, both Aramco and APQ will hold an equal 50% stake in BHIG.
The acquisition, which is subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen. The investment is a key part of Aramco’s ambition to expand its new energies portfolio and grow its low-carbon hydrogen business, both in the Kingdom of Saudi Arabia and internationally.
White & Case’s team
The White & Case team that advised on the transaction was led by partners Michael Watson (London) and Claire Patrick (Abu Dhabi) and included partners Anwaar Alshammari, Craig Atkinson, Karim Mariey (all Riyadh), Sonia Abdul-Rahman (Dubai), Adam Pierson, Habeeb Rahman (both Abu Dhabi), Strati Sakellariou-Witt (Brussels), Seth Kerschner (New York) and Taylor Pullins (Houston), local partner Nezar Al Abbas (Riyadh) and associates Reem Albakr, Mayce Khayri, May Al-Ajlan, Hend Bahabri, Khalid Algublan, Walaa Almuhaimeed, Lubna Alamri (all Riyadh), Dylan Nathwani (Dubai), Maha Alali, Jade Konig, Olga Klyzhenko, Zoeyah Shaheen (all Abu Dhabi), Ryan Gawrych, Justin Seymour, Lia Adalia, Ruveena Kaliannan, Yoon So Lee, Henry Carlson (all London), Tommaso Poli (Brussels, Milan), Enrique Fayos de Arizon and Nela Stefanigova (both Brussels).
Herbert Smith Freehills’ team
The team was led by Riyadh partners Joza AlRasheed (pictured below left) and Alexander Currie (pictured below right) and included partners Lewis McDonald (London), Steven Dalton (London), Adelaide Luke (Hong Kong), Andrew Wells (London), associates Faria Ali (London), Abigail Westby (Riyadh), Simon O’Connell-Schizas (Riyadh), Saud AlQahtani (Riyadh), and Ghadah Alnafea (Riyadh) and Howard Chan (Hong Kong), Riyadh based trainee associates Aljohara Al Saud, Alanoud AlAssaf, Ayidh Alkahtani, and Shima Alsuwaidan.
BHIG
BHIG is currently developing an industrial scale low-carbon hydrogen production plant, together with carbon capture facilities and industrial gas pipeline network, within the Jubail Industrial City in the Kingdom of Saudi Arabia. Once constructed, the facility will be one of the largest low-carbon hydrogen production facilities in the Middle East and will assist in decarbonising existing refinery and petrochemical operations in and around Jubail.
