Category

Countries

Hanwha and INEOS Investigate Potential Low-Carbon Ammonia Site in the U.S
Hanwha and INEOS Investigate Potential Low-Carbon Ammonia Site in the U.S

Hanwha and INEOS Investigate Potential Low-Carbon Ammonia Site in the U.S

  • 30-May-2024 12:42 PM
  • Journalist: S. Jayavikraman

On May 28, 2024, Hanwha Corporation and INEOS Nitriles announced their intention to collaborate on a study for a low-carbon ammonia facility with carbon sequestration in the USA, with a capacity exceeding 1 million tonnes per year. The plant's location has yet to be determined.

The two companies have agreed on Heads of Terms, under which Hanwha and INEOS will jointly explore the feasibility of a facility to meet the increasing global demand for low-carbon ammonia. The final investment decision is scheduled for 2026, with commercial operations expected to begin in 2030.

"Our collaboration with INEOS Nitriles aims to solidify our strategic position in the global ammonia market and meet the rising global demand for clean ammonia solutions," stated Kiwon Yang, CEO of Hanwha Corporation. He added, "Producing industrial materials with clean ammonia aligns perfectly with our commitment to core sustainability principles. This technological advancement will be a crucial milestone in achieving Hanwha's vision for a sustainable future."

" This project has the potential to be instrumental in aiding INEOS Nitriles in achieving its carbon emission reduction targets for 2030 and realizing its net zero aspirations by 2050," said Hans Casier, CEO of INEOS Nitriles. "It represents a significant step towards leading the low-carbon Acrylonitrile supply, with low-carbon ammonia being a key raw material. INEOS is committed to finding solutions to global challenges and is eager to support a net zero economy while continuing to deliver essential products and remain competitive."

INEOS, a global petrochemicals manufacturer, operates 194 sites across 29 countries, generating $65 billion annually* and employing over 26,000 people. In addition to its core business, INEOS has made significant impacts in elite sports and has become increasingly known to consumers through ventures such as the Grenadier, an uncompromising 4x4, and INEOS Hygienics. The INEOS Group manufactures petrochemicals, specialized chemicals, and oil-based products. In recent years, INEOS has diversified its operations by launching INEOS Automotive and INEOS Hygienics, acquiring the iconic British brand Belstaff, and expanding its sports portfolio. Comprising 36 individual businesses, INEOS operates with a blend of opportunism, commitment to core values, and a passion for adventure.

INEOS employs 26,000 people globally, operating 194 facilities across the world. The company generates $65 billion in annual revenues through its 36 individual businesses. This extensive network and diverse portfolio underscore INEOS's position as a leading global manufacturer in the petrochemical, specialty chemical, and oil product sectors. INEOS products are indispensable in the modern world. Petrochemicals, being incredibly versatile, are used in a broad range of end-market applications that save lives, improve health, and enhance living standards.

Related News

Enova Fuels Innovation with Funding for Hydrogen and Ammonia Vessels
  • 21-Jun-2024 4:57 PM
  • Journalist: Stella Fernandes
Amogy and Plastic 2 Green Forge Alliance to Lead Ammonia Energy Innovation
  • 19-Jun-2024 7:15 PM
  • Journalist: Motoki Sasaki
Abraxas Power Selects McDermott to Construct Green Hydrogen and Ammonia Facility
  • 18-Jun-2024 12:25 PM
  • Journalist: S. Jayavikraman
Falling Demand Leads Ammonia Prices to Carry Bearish Momentum in China and the USA
  • 17-Jun-2024 3:02 PM
  • Journalist: Francis Stokes