Site items in: Finance

bp takes FID on Castellón, to acquire key stake in Oman mega-project
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bp takes FID on Castellón, to acquire key stake in Oman mega-project

Julian Atchison August 07, 2024

In its quarterly earnings call last month, bp unveiled progress in a number of key renewable hydrogen and ammonia projects. To help decarbonise its existing refinery in Castellón, Spain, a bp and Iberdrola-led consortium has taken FID on the HyVal project. bp also revealed that it will take an equity share and act as operator for the HYPORT Duqm project: a GW-scale ammonia export project being developed in southern Oman.

Trammo to offtake renewable ammonia from northern Australia
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Trammo to offtake renewable ammonia from northern Australia

Julian Atchison August 06, 2024

Trammo will purchase up to 100% of renewable ammonia produced by Allied Green Ammonia in the Northern Territory, Australia, with the first ammonia sales anticipated to occur in late 2028. In further news for AGA’s project, Germany-based EPC firm SPG Steiner will supply two 40,000 ton, cryogenic tanks to store ammonia production before offtake.

Fertiglobe success in H2Global pilot auction marks milestone in renewable ammonia supply for EU
Article

Fertiglobe success in H2Global pilot auction marks milestone in renewable ammonia supply for EU

Oscar Pearce July 16, 2024

Fertiglobe has won the first H2Global pilot auction for renewable ammonia, promising to deliver 397,000 tons of renewable ammonia between 2027 and 2033. H2Global’s announcement comes at the end of a two year auction process. Following the H2Global announcement, Fertiglobe committed to a twenty-year offtake deal for renewable hydrogen feedstock from the Egypt Green Hydrogen project, demonstrating the investor certainty fostered by the auction.

$37 billion in Egyptian ammonia investments
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$37 billion in Egyptian ammonia investments

Julian Atchison July 15, 2024

More than $37 billion will be invested across the initial stages of hydrogen and ammonia production projects, ranging in location from the Gulf of Suez to west of the Nile Delta. A series of agreements concerning existing and newly-announced projects were signed at the recent Egypt-EU Investment Conference.

Chicken or Egg? GH2 proposes solutions to the off-take trilemma
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Chicken or Egg? GH2 proposes solutions to the off-take trilemma

Oscar Pearce June 20, 2024

The Green Hydrogen Organisation (GH2) has released a report sketching out considerations for hydrogen off-take agreements. It emphasises the importance of balancing risks between prospective buyers and sellers, given the challenges facing a nascent market. It also analyses the respective merits of fixed & variable pricing models, supply regulation and other key off-take provisions.

Germany’s Hydrogen Acceleration Act
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Germany’s Hydrogen Acceleration Act

Julian Atchison June 03, 2024

Approved by the national cabinet, the draft law aims to create a legal framework for rapid development and expansion of hydrogen infrastructure, including ammonia import and cracking facilities. Relevant planning, approval and procurement procedures will be simplified and digitalized where possible, and projects covered by the Act will also be considered in the “overriding public interest”, with some important caveats. Germany’s national cabinet also approved a CCS Act this month, aimed at decarbonising hard-to-abate industrial processes.

Taking the market’s temperature: European Hydrogen Bank awards €720 million
Article

Taking the market’s temperature: European Hydrogen Bank awards €720 million

Oscar Pearce May 16, 2024

The European Hydrogen Bank has awarded nearly €720 million to seven renewable hydrogen and ammonia projects. The funding will act to bridge the price gap between the cost of hydrogen production and the price buyers are willing to pay. Recipients will receive €0.37 - €0.48 in subsidies per kilogram of renewable hydrogen, and will collectively produce 1.58 million tons of renewable hydrogen over ten years. In conducting a transparent auction process, the European Commission has also provided vital insights into trends in demand for renewable hydrogen and ammonia.