Saudi Aramco is planning to develop a new green hydrogen and ammonia production unit in Saudi Arabia, the oil and gas major said on Wednesday.

　　The Saudi Arabia-based firm has signed a memorandum of understanding (MoU) with conglomerate Modern Industrial Investment Holding Group and green hydrogen specialist Intercontinental Energy.

　　These plans were announced at the Future Investment Forum in Riyadh, Saudi Arabia. This announcement follows news earlier this week that the company is targeting net zero emissions from its direct operations by 2050.

　　The company did not disclose details on capacity, location or the scale of the proposed project.