Air Products and Yara in Advanced Negotiations to Partner on Low-emission Ammonia Projects

08 Dec 2025 08:00 CET

Plans connect Air Products' low-emission ammonia projects in the U.S. and Saudi
Arabia with Yara's world-scale ammonia network.

· Final Investment Decisions by both companies for the U.S. project (Louisiana
Clean Energy Complex) are targeted by mid-2026, subject to, among other things,
air permit issuance and finalization of construction contracts; and
·  Final marketing and distribution agreement for renewable ammonia from the
Saudi Arabian project (NEOM Green Hydrogen Project) is targeted for the first
half of 2026.

LEHIGH VALLEY, PA USA / OSLO, NORWAY (December 8, 2025) - World-leading hydrogen
supplier and global industrial gases company Air Products (NYSE:APD) and world
-leading crop nutrition and ammonia company Yara International ASA (OSE:YAR) are
working to combine Air Products' industrial gas capabilities and low-emission
hydrogen with Yara's ammonia production and distribution network:

Louisiana Clean Energy Complex: Air Products is developing the world's largest
low-carbon energy complex in the state of Louisiana. The complex is designed to
produce >750 million standard cubic feet per day of low-carbon hydrogen,
capturing 95 percent of the carbon dioxide (CO\2\) generated during normal
operation.

Air Products is the project developer and once the ammonia plant has achieved
agreed upon performance levels, Yara would acquire the ammonia production,
storage and shipping facilities for approximately 25 percent of the total
project cost (estimated between $8-9 billion). Yara would assume responsibility
for related operations and integrate the entire ammonia output into its global
distribution network.

Air Products would own and operate the industrial gases production, where
approximately 80% of the low-carbon hydrogen would be supplied to Yara under a
25-year long-term offtake agreement to produce 2.8 million tonnes of low-carbon
ammonia per year. The remaining hydrogen would be supplied to Air Products'
customers in the U.S. Gulf Coast via Air Products' 700-mile hydrogen pipeline
system. About five million tonnes per year of high purity CO\2\ captured by the
Air Products facility would be sequestered by a third party under a long-term
agreement to be announced later.

Final investment decisions by both companies are targeted by mid-2026, and
project completion is expected by 2030.

NEOM Green Hydrogen Project: The NEOM Green Hydrogen Project in Saudi Arabia is
more than 90 percent complete and is expected to start commercial production in
2027. Air Products is the sole offtaker of up to 1.2 million tonnes per year of
renewable ammonia.

Air Products and Yara anticipate entering into a marketing and distribution
agreement where Yara would commercialize, on a commission basis, the ammonia not
sold by Air Products as renewable hydrogen in Europe. The model maximizes value
for both companies and enables ammonia from the world's first large-scale
renewable ammonia plant to be delivered worldwide by Yara's unparalleled
shipping fleet. The marketing and distribution agreement is targeted to be
completed during the first half of 2026.

Leveraging complementary strengths to drive value creation in low-emission
ammonia

Yara is the world's largest trader and shipper of ammonia, currently
transporting over four million metric tonnes annually, which is supported by
Yara's 12 ammonia vessels and 18 import terminals. In addition, Yara has a
significant internal ammonia demand. Air Products is the world's largest
supplier of hydrogen and brings leading low-emission hydrogen and ammonia
production at scale. The collaboration would enable the companies to meet the
increasing demand for low-emission ammonia in the coming years, particularly in
Europe both for Yara's internal consumption and other customers.

"We are pleased to be working with Yara, the world's leading fertilizer company,
as we advance the global low-emission ammonia market and maximize value from our
projects in Louisiana and Saudi Arabia," said Air Products' Chief Executive
Officer Eduardo Menezes (https://www.airproducts.com/company/leadership/eduardo
-menezes-bio).

"Air Products' two advanced projects are a strong strategic fit with Yara's
flexible nitrogen system - enabling energy diversification and profitable
decarbonization while aligning with our disciplined capital allocation policy.
The Louisiana project builds on a proven, capital-efficient model; producing
ammonia from externally sourced hydrogen and delivering strong returns," said
Yara's CEO Svein Tore Holsether (https://www.yara.com/this-is-yara/management
-and-board/management-team/holsether/).

[Yara and AirProducts - Press Release.png]

About Yara International ASA

Yara's mission is to responsibly feed the world and protect the planet. We
pursue a strategy of sustainable value growth through reducing emissions from
crop nutrition production and developing low-emission energy solutions. Yara's
ambition is focused on growing a nature-positive food future that creates
value for our customers, shareholders and society at large and delivers a more
sustainable food value chain.

To drive the green shift in fertilizer production, shipping, and other energy
intensive industries, Yara will produce ammonia with significantly lower
emissions. We provide digital tools for precision farming and work closely with
partners at all levels of the food value chain to share knowledge and promote
more efficient and sustainable solutions.

Founded in 1905 to solve the emerging famine in Europe, Yara has established a
unique position as the industry's only global crop nutrition company. With
17,000 employees and operations in more than 60 countries, sustainability is an
integral part of our business model. In 2024, Yara reported revenues of USD 13.9
billion.

About Air Products

Air Products (NYSE: APD (https://investors.airproducts.com/stock-information))
is a world-leading industrial gases company in operation for over 80 years
focused on serving energy, environmental, and emerging markets and generating a
cleaner future. The Company supplies essential industrial gases, related
equipment and applications expertise to customers in dozens of industries,
including refining, chemicals, metals, electronics, manufacturing, medical and
food. As the leading global supplier of hydrogen, Air Products also develops,
engineers, builds, owns and operates some of the world's largest clean hydrogen
projects, supporting the transition to low- and zero-carbon energy in the
industrial and heavy-duty transportation sectors. Through its sale of equipment
businesses, the Company also provides turbomachinery, membrane systems and
cryogenic containers globally.

Air Products had fiscal 2025 sales of $12.0 billion from operations in
approximately 50 countries. For more information, visit
airproducts.com (https://www.airproducts.com/) or follow us on
LinkedIn (https://www.linkedin.com/company/4156/admin/),
X (https://twitter.com/airproducts),
Facebook (https://www.facebook.com/airproducts) or
Instagram (https://www.instagram.com/airproductsglobal/).

This release contains "forward-looking statements" within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, including
statements about the arrangements that are the subject of this release and their
expected impact and timing, and about the Company's business outlook and
investment opportunities. These forward-looking statements are based on
management's expectations and assumptions as of the date of this release and are
not guarantees of future performance. While forward-looking statements are made
in good faith and based on assumptions, expectations and projections that
management believes are reasonable based on currently available information,
actual performance and financial results may differ materially from projections
and estimates expressed in the forward-looking statements because of many
factors, including the risk factors described in our Annual Report on Form 10-K
for the fiscal year ended September 30, 2025 and other factors disclosed in our
filings with the Securities and Exchange Commission. Except as required by law,
we disclaim any obligation or undertaking to update or revise any forward
-looking statements contained herein to reflect any change in the assumptions,
beliefs or expectations or any change in events, conditions or circumstances
upon which any such forward-looking statements are based.

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Media Inquiries:

(Air Products) Katie McDonald, tel: (610) 481-3673; e-mail:
mcdonace@airproducts.com
(Yara) Tonje Næss, tel: +47 408 44 647; e-mail: tonje.nass@yara.com

Investor Inquiries:

(Air Products) Megan Britt, tel: 1-610-481-0590; e-mail: brittm@airproducts.com
(Yara) Maria Gabrielsen, tel: +47 920 900 93; e-mail: maria.gabrielsen@yara.com

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