US industrial gases supplier Air Products (NYSE:APD) has entered into an agreement with a fully-owned subsidiary of commodity trader Gunvor Group to jointly develop a green hydrogen import terminal in Rotterdam.
Air Products said in a statement that this joint development deal with Gunvor Petroleum Rotterdam (GPR) is a step towards making an investment decision for the project, which is also subject to them gaining confidence in the regulatory framework, permitting process and funding support. The goal is to open the import terminal in 2026.
The Gunvor site in Europoort Rotterdam will enable the import of green ammonia, which would then be converted into hydrogen for distribution to European markets such as the Netherlands, Germany and Belgium.
According to an independent analysis from CE Delft, the project will ultimately deliver between EUR 260 million (USD 275m) and EUR 425 million of indirect economic benefits. Moreover, it will create an overall environmental benefit valued at over EUR 100 million by 2030.
"Green ammonia is not only a hydrogen carrier and a feedstock for the chemical industry, but it's also an important renewable fuel for the shipping sector. First-mover projects like this will make Rotterdam Europe's foremost Hydrogen Hub,” said Allard Castelein, CEO Port of Rotterdam.
(EUR 1 = USD 1.057)
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