Core Insights - Air Products and Chemicals Inc. (APD) and Yara International are in advanced negotiations to collaborate on large-scale low-emission ammonia projects, with a significant investment of $8–$9 billion for the Louisiana Clean Energy Complex, which aims to produce over 750 million standard cubic feet per day of low-carbon hydrogen while capturing around 95% of CO2 emissions [1][2] Project Details - Yara is set to acquire ammonia production, storage, and export assets, which will account for approximately 25% of the project cost, and will enter into a 25-year offtake agreement for about 80% of the hydrogen output, facilitating the production of up to 2.8 million tons of low-carbon ammonia annually [2][4] - The remaining hydrogen will be supplied to Air Products' customers via its U.S. Gulf Coast pipeline network [3] Future Developments - The final investment decisions for the U.S. project are expected by mid-2026, contingent on air permit issuance and contractual finalizations, marking a significant advancement towards commercially viable low-emission ammonia for fertilizers and clean energy applications [4] - The final marketing and distribution agreement for the NEOM Green Hydrogen Project in Saudi Arabia is anticipated in the first half of 2026, with Air Products as the sole offtaker and Yara potentially aiding in global marketing and distribution [3][4] Market Performance - Shares of Air Products (APD) have decreased by 18.6% year to date, contrasting with a 26.2% decline in the industry [6]