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Air Products Will Not Proceed with Louisiana Clean Energy (LCEC) Project; Company Will Record Pre-Tax Charge in Fiscal Third Quarter; Finalizing Agreement with Yara for Renewable Ammonia from NEOM Green Hydrogen Project in Saudi Arabia

Air Products is cancelling its multi-billion dollar clean energy project in Louisiana while advancing a renewable ammonia agreement in Saudi Arabia.

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📍 How it ended

Air Products canceled the Louisiana Clean Energy project, including a carbon capture facility in Ascension Parish, stating it was not profitable. The company will record up to $2.9 billion in pre-tax charges due to the exit.

Simultaneously, Air Products partnered with Yara for renewable ammonia distribution.

Epilogue added 46d ago, after coverage quieted.

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14950Jul 1 02:10Jul 2 18:14 UTC

The brief

Air Products has decided not to proceed with the Louisiana Clean Energy (LCEC) project. This project, located in Ascension Parish, was valued at $4.5 billion. As a result of the cancellation, the company will record a pre-tax charge in its fiscal third quarter.

Coverage from Bloomberg, WSJ, and the Baton Rouge Business Report describes the project as a massive complex. Seeking Alpha reports that the pre-tax charges could reach up to $2.9 billion, while WSJ notes that investors have reacted positively to the decision to axe the project. Air Products is now finalizing an agreement with Yara for renewable ammonia.

This initiative is tied to the NEOM Green Hydrogen Project based in Saudi Arabia.

Synthesized by Newsylist from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 48d ago.

Coverage (15)

Quick answers

What is the financial impact of cancelling the LCEC project?

Air Products will record a pre-tax charge in the fiscal third quarter, which Seeking Alpha reports could be up to $2.9 billion.

Where was the cancelled project located?

The project was situated in Ascension Parish, Louisiana.

What new project is Air Products pursuing?

The company is finalizing an agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia.

People, places & organizations

Saudi Arabia Louisiana Air Products Air Products Will Not Proceed Louisiana Clean Energy LCEC Project Company Will Record Pre-Tax Charge Fiscal Third Quarter Finalizing Agreement Yara for Renewable Ammonia NEOM Green Hydrogen Project

Topics

Air Products Louisiana Clean Energy NEOM Yara Green Hydrogen

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