Yara International ASA and Japan Bank for International Cooperation (JBIC) to strengthen cooperation in the field of clean ammonia to support Japanese companies’ business development toward the realization of a decarbonized society.
JBIC and Yara will accelerate the formation of projects for establishing a fuel ammonia supply chain through the framework for collaboration between the two parties by signing the MoU on strategic cooperation.
Ammonia does not emit carbon dioxide during combustion and is seen as an effective future energy source. Blue ammonia is derived from a carbon capture and storage process (CCS), while green ammonia is produced carbon-free by using hydrogen sourced from renewable energy as feedstock. The term clean ammonia comprises both blue and green ammonia.
This MoU with JBIC is the fifth collaboration on clean ammonia that Yara has announced with key Japanese partners, including JERA, Kyushu Electric Power and Idemitsu Kosan. Sumitomo Chemical.
Mr Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said, “By signing the MoU, we have a framework for collaboration. Yara Clean Ammonia and JBIC will accelerate the formation of projects for the establishment of a global clean ammonia supply chain to Japan.”
Mr Inaba Yutaka, Managing Executive Officer, Global Head of Energy and Natural Resources Finance Group, JBIC, said, “JBIC looks forward to collaborating with Yara in a dedicated effort to work toward establishing a competitive clean ammonia supply chain that also contributes positively to the realization of a decarbonized society.”