Russia's GMK Norilsk Nickel is moving into hydrogen applications with the creation of a new company to focus on power generation says the firm's current director general and co-owner.

Mikhail Prokhorov says he envisages hydrogen fuel accounting for 20 per cent of the global power industry in the future and the new firm will concentrate on the potential market in Russia.

Mr Prokhorov, ranked 89 in the Forbes World's Richest People, is also to split the assets of Norilsk Nickel with the second co-owner Vladimir Potanin by the end of the year.

He explains, $quot;In the process of creation of a new company on the basis of Norilsk Nickel's energy assets, it became clear that it's impossible to simultaneously serve as Norilsk Nickel's executive and form a new business. There is a natural conflict of interests. Since the work to create my new business has already started and is actively taking place, I made a decision to resign from my positions in Norilsk Nickel ahead of time.$quot;