Air Products’ Q3 earnings call offered the first meaningful insight into how its new marketing and distribution agreement for green ammonia from the 2.2GW Neom green hydrogen project with Yara will work in practice.
While CEO Eduardo Menezes and CFO Melissa Schaeffer declined to discuss many of the contractual details, they made one point clear: the deal largely removes Air Products’ volume risk. However, the company remains exposed to the economics of selling green ammonia into an immature market.
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