壳牌集团9月宣布彻底终止荷兰鹿特丹生物燃料工厂的建设。该工厂计划年产能达82万吨，2022年正式 开工，2024年7月因交付延误及市场疲软暂停，最终因建设成本高企且市场竞争力不足彻底终止。壳牌 下游及可再生能源业务总裁马赫泰尔德·德哈恩坦言，经全面评估市场动态与完工成本后发现，该项目 已无法满足客户对可负担低碳产品的核心需求。 全球化工行业结构性失衡导致的供需错配格局，叠加建设及交付成本攀升推高资本投资回报门槛，直接 导致能源化工项目合同数量与总金额同步锐减，2025年全球化工工程建设行业步入深度调整周期。 "僧多粥少"格局加剧 化工板块表现低迷 值得关注的是，2025年全球工程建设行业整体保持韧性，大型液化天然气(LNG)项目推进稳健，叠加人 工智能(AI)热潮催生的数据中心建设需求爆发，为头部工程承包商提供了关键营收缓冲。但化工板块表 现则非常低迷，数据显示，2025年初至统计节点，化工行业新授予及公示的设计采购施工(EPC)合同总 金额仅76.5亿美元，较2024年的128亿美元下滑超40%；而2024年的合同金额已较2023年的245亿美元近 乎腰斩。 除行业周期性下行外，地缘政治冲突加剧、关税壁垒频 ...

Core Insights - The clean hydrogen industry is highly dependent on policy and downstream demand, leading to significant uncertainty in its commercial viability [2][5][6] Group 1: Project Developments - BP has officially withdrawn its H2Teesside blue hydrogen project application, which aimed to produce 160,000 tons of low-carbon hydrogen annually, due to a significant decline in local hydrogen demand and a shift in site usage for an AI data center [2][3] - Exxon Mobil has also paused its blue hydrogen plant project in Baytown, Texas, which had already seen an investment of $500 million, citing high costs and a lack of long-term purchase agreements from potential customers as key reasons for the decision [4] Group 2: Market Dynamics - The clean hydrogen sector faces challenges such as high production costs and an underdeveloped commercial model, with many projects relying on subsidies for feasibility [5][8] - The cost structure of blue hydrogen is heavily influenced by natural gas prices and the investment required for carbon capture and storage (CCS), making it significantly more expensive than gray hydrogen [8] Group 3: Policy Environment - Recent adjustments in the policy environment in both the U.S. and the U.K. have negatively impacted the momentum of low-carbon hydrogen projects, with reduced support for clean hydrogen initiatives and stricter regulations on methane emissions [6][7] - The U.S. previously had strong support for clean hydrogen through various tax incentives, but this support has weakened, leading to increased uncertainty for blue hydrogen projects [6][7] Group 4: Industry Demand - The demand for clean hydrogen is primarily driven by decarbonization needs in industries such as metallurgy and chemicals, but the overall economic environment has led to reduced enthusiasm for high-cost low-carbon products [8][9] - The global hydrogen demand is projected to reach nearly 100 million tons by 2024, mainly in traditional sectors like refining and chemicals, where the transition to low-carbon hydrogen is hindered by cost considerations [9]

Core Insights - International Petroleum Development Company of Japan has officially launched its blue hydrogen and ammonia demonstration plant in Kashiwazaki, Niigata Prefecture, marking Japan's first fully integrated project for the production and utilization of blue hydrogen and ammonia [1] Group 1: Project Overview - The plant's natural gas feedstock is sourced from Inpex's Minami-Nagaoka gas field located in another area of Niigata Prefecture [1] - The production process captures carbon dioxide as a byproduct, which will be injected into underground storage at the Higashi-Kashiwazaki gas field [1] Group 2: Production and Utilization - The majority of the blue hydrogen produced will be used for power generation, with the electricity being fed into the Niigata Prefecture power grid [1] - The remaining blue hydrogen will be converted into ammonia for supply to relevant customers within Niigata Prefecture [1] Group 3: Support and Funding - The blue hydrogen and ammonia production project has received subsidy support from the New Energy and Industrial Technology Development Organization (NEDO) [1] - This project is a significant component of NEDO's initiative focused on "Fuel Ammonia Utilization and Production Technology Development/Blue Ammonia Production Technology Development" [1]

Core Insights - Chinese enterprises are shifting their investments in Qatar from traditional sectors to innovation-driven industries, aligning with Qatar's "2030 National Vision" for diversified development [1][3][4] Investment Trends - Investment diversification is evident in four key areas: - **Digital Economy and ICT**: Chinese companies are actively participating in cloud computing, smart city projects, and 5G infrastructure, with Huawei being a notable player in Qatar for over 20 years [3][4] - **Advanced Manufacturing and Transportation**: Yutong is collaborating with Qatar's Mowasalat to introduce electric buses, contributing to the green upgrade of Qatar's public transport system [3][4] - **Gaming and Creative Industries**: Tencent's Level Infinite is leveraging Qatar's growing gaming ecosystem to expand in the entertainment and digital content sectors [4] - **Legal and Professional Services**: Yingke Law Firm has established a branch in Qatar, providing cross-border business and legal consulting services for bilateral enterprises [4] Renewable Energy Cooperation - There is significant potential for cooperation in renewable energy, particularly in hydrogen production, battery technology, and carbon management systems, where Chinese companies hold world-leading expertise [5] - Qatar aims to achieve 18% renewable energy share and 25% greenhouse gas reduction by 2030, with major projects like the 800 MW Al Kharsaah solar power plant and plans for a 2 GW solar plant in Dukhan [5][6] - Qatar is set to build the world's largest blue ammonia plant by 2026, which will support hydrogen and ammonia-based clean energy solutions, creating opportunities for joint research with Chinese firms [5] - Qatar ranks first globally in carbon capture, storage, and utilization (CCUS), providing a platform for collaboration with China in CCS and energy storage solutions [5][6]

Group 1 - Chevron plans to invest approximately $5 billion to build a blue hydrogen and blue ammonia plant in Port Arthur, Texas, under the HyVelocity Hub framework [1] - The plant is expected to begin construction in 2027 and start production in 2032, qualifying for a clean hydrogen production tax credit of up to $3 per kilogram for 10 years [1] - The project will utilize multiple Air Separation Units (ASU) to extract oxygen and nitrogen from the air, and an Autothermal Reforming (ATR) unit to convert natural gas and oxygen into hydrogen and carbon dioxide [1] Group 2 - The HyVelocity Hub, located along the Gulf Coast, is supported by various public and private entities, including Chevron, and has received up to $1.2 billion in federal funding [2] - The hub aims to supply low-carbon clean hydrogen for industrial, chemical, transportation, and power generation sectors, potentially reducing carbon dioxide emissions by nearly 7 million tons annually [2] - Earlier this year, the U.S. Department of Energy halted 24 funding projects from the Biden administration, citing economic viability issues, including a hydrogen burner installation project by ExxonMobil [2]

Core Viewpoint - The CEO of ConocoPhillips (COP.N) stated that the market is unwilling to pay higher prices for sustainable natural gas, blue hydrogen, or green hydrogen [1] Group 1 - The CEO emphasized the challenge of market acceptance for sustainable energy solutions [1] - There is a notable reluctance among consumers to invest in higher-priced sustainable energy options [1] - The statement reflects broader industry trends regarding the pricing of alternative energy sources [1]