Yara International ASA creates Clean Ammonia unit
By creating a new global unit, Yara Clean Ammonia, the Norwegian fertilizer company Yara International ASA has announced that more steps are being taken to allow the hydrogen economy.
Yara recently announced plans to power emission-free shipping fuels and decarbonized food solutions for 500,000 tonnes per annum renewable ammonia production in Norway.
The company said it will completely electrify its Porsgrunn ammonia plant with the ability to reduce CO2 emissions by 800,000 tonnes per year, equal to the emissions of 300,000 passenger cars.
The chemical properties of ammonia render it ideally suited for the hydrogen economy. It does not require cooling to extreme temperatures and has a higher density of energy than liquid hydrogen, making transport and storage more efficient. Ammonia, Yara believes, is therefore the most promising hydrogen carrier and zero-carbon shipping fuel.
As the twin challenges of resource efficiency and environmental footprint require significant changes in both agriculture and the hydrogen economy, Yara's industry fundamentals are robust. According to the company, the food solutions and ammonia positions of Yara are well placed to both address and generate business opportunities from these challenges.
“Yara delivers its tenth consecutive quarter with improved capital returns, with increased deliveries and production offsetting the impact of higher energy prices," said Svein Tore Holsether, President and Chief Executive Officer of Yara.
Maritime Business World