Air Products, Mabanaft to develop hydrogen terminal in Hamburg port

US industrial gases company Air Products (NYSE:APD) and oil trader Mabanaft plan to build a green energy import terminal in the Port of Hamburg with an eye to supplying hydrogen to Germany in 2026.

The announcement of the parties’ joint development agreement was made on Thursday at a ceremony in Hamburg attended by Federal Minister for Economic Affairs and Climate Action Robert Habeck.

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The project will be sited at Mabanaft's existing tank terminal in the port and will be a gateway for green ammonia from green hydrogen plans managed by Air Products and its partners globally. Under the plans, the ammonia will be converted to hydrogen via Air Products' facilities in Hamburg and then offered to local buyers and across northern Germany.

The pact follows a memorandum of understanding between Air Products and the Hamburg port in February.

“An accelerated energy transition with more speed in expanding renewable energies and ramping up green hydrogen are the right answers to the Russian aggression and the right answers to strengthen energy security, resilience and competitiveness," stated Robert Habeck.