Hanwha and INEOS agree Heads of Terms to study a low-carbon ammonia facility in the USA.
- Planned capacity of more than 1 million tonnes per annum.
- A significant step forwards to meet the global demand for sustainable ammonia.
- The final investment decision is planned for 2026 with commercial operation in 2030.
- Hans Casier, CEO of INEOS Nitriles said: “This project is a potentially important contributor to INEOS Nitriles’ carbon emission reduction targets in 2030 and its net zero ambitions by 2050.”
- Kiwon Yang, CEO of Hanwha Corporation said: “This technological advancement will be a pivotal turning point in realizing Hanwha's vision for a sustainable future.”
Hanwha Corporation and INEOS Nitriles have today announced their intention to collaborate in a study for a low-carbon ammonia facility with carbon sequestration in the USA, with a capacity of more than 1 million tonnes per annum. The location of the plant is yet to be determined.
The two companies agreed Heads of Terms, under which Hanwha and INEOS will together explore the feasibility of a facility to meet the growing global demand for ammonia with low-carbon emissions. The final investment decision is planned for 2026 with planned commercial operation in 2030.
"Our collaboration with INEOS Nitriles is aimed at strengthening our strategic foothold in the global ammonia market and addressing the growing worldwide demand for clean ammonia solutions," said Kiwon Yang, CEO of Hanwha Corporation. He further stated, "The production of industrial materials using clean ammonia aligns well with our commitment to key sustainability principles. This technological advancement will be a pivotal turning point in realizing Hanwha's vision for a sustainable future."
“This project is a potentially important contributor to INEOS Nitriles’ carbon emission reduction targets in 2030 and its net zero ambitions by 2050. This project would be a significant step towards a leadership position in low-carbon Acrylonitrile supply of which ammonia with low-carbon emissions is a key raw material. INEOS positions itself to find solutions to the challenges the world is facing and is looking forward to achieving a net zero economy whilst both continuing to deliver products that are essential to society and remaining competitive”, said Hans Casier, CEO of INEOS Nitriles.
ENDS
INEOS:
Richard Longden (Richard.longden@ineos.com) +41 7996 26123
Andrew McLachlan (andrew@mediazoo.tv) +44 7931 377162
Alex Williams (alex.williams@mediazoo.tv) +44 7793 207325
HANWHA:
Kim, Jun Yong. (junwizard@hanwha.com) +82 10 8792 1510