Mitsubishi Plans to Invest in ExxonMobil Hydrogen Project in Texas

Jov Onsat | Source: RigZone | Posted 09/19/2024

Exxon Mobil Corp. and Mitsubishi Corp. have agreed to pursue talks for potential equity participation by the Japanese company in the United States energy giant’s planned low-carbon hydrogen project in Texas.

AI generated summary

Exxon Mobil Corp. and Mitsubishi Corp. are in talks for the Japanese company to potentially acquire equity in ExxonMobil's low-carbon hydrogen project in Texas. The Project Framework Agreement could also involve offtake by Mitsubishi from the proposed facility at ExxonMobil's Baytown complex. Mitsubishi plans to engage Idemitsu Kosan Co. Ltd. as an equity and offtake partner, making it the second Japanese company to explore a stake acquisition in this project.

Recent collaborations, like the one with ADNOC, are bringing ExxonMobil's project, set to be the world's largest low-carbon hydrogen production plant, closer to a final investment decision. Mitsubishi aims to utilize the hydrogen supply from this project in Japan's industrial sector, focusing on low-carbon ammonia production by 2030. The partnership between ExxonMobil and Mitsubishi intends to establish low-carbon hydrogen and ammonia supply chains between the United States and Japan, helping in the global shift towards cleaner energy sources.

Link to Original Article

Please find the link to the full article below. (Please note that content provider might require a paid subscription)

Source Link: https://www.rigzone.com/news/mitsubishi_plans_to_invest_in_exxonmobil_hydrogen_project_in_texas-17-sep-2024-178126-article/

Create a free trial account: Sign Up

Grid monitor is free to try. No credit card required

Mitsubishi Plans to Invest in ExxonMobil Hydrogen Project in Texas

AI generated summary

Link to Original Article

Create a free trial account: Sign Up

Already have an account? Login