Air Products and Chemicals (APD) Partnership summary

Opening remarks and agenda

• The call opened with a welcome and outlined that the CEO would provide a business update, followed by a Q&A session with the CFO also present.

• Air Products and Yara are in advanced negotiations to partner on low-emission ammonia projects, aiming to connect U.S. and Saudi Arabian initiatives with Yara's global network.

Objectives of the partnership

• The partnership aims to establish long-term, low-emission ammonia projects in the U.S. (Louisiana) and Saudi Arabia.

• Combine Air Products' low-emission hydrogen capabilities with Yara's ammonia production and distribution to meet rising demand for low-emission ammonia.

• Enable global delivery of renewable ammonia, particularly targeting European markets and Yara's internal needs.

Partner introductions and roles

• Air Products will own and operate the industrial gas portion (about 75% of capital) in Louisiana, while Yara will own and operate the ammonia production and shipping facilities (about 25% of capital).

• Air Products will develop and operate the industrial gases and hydrogen production for the Louisiana project, supplying hydrogen to Yara under a 25-year offtake agreement.

• Yara will acquire, operate, and integrate the ammonia production, storage, and shipping facilities into its global network.

• Yara will be responsible for transportation and commercialization of renewable ammonia not used for green hydrogen in Europe.