Air Products and Chemicals (APD) Partnership summary

Opening remarks and agenda

• The call opened with a welcome and introduction, outlining 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 collaboration for 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

• Yara will acquire and operate ammonia production and shipping assets in Louisiana, while the other partner retains the industrial gas portion.

• 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 handle transportation and commercialization of renewable ammonia from the NEOM joint venture.