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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    OPay obtains approval of Egypt's CBE to issue prepaid cards

    OPay obtains approval of Egypt’s CBE to issue prepaid cards

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Digital voice-based banking to become the new reality in 2022?

    Digital voice-based banking to become the new reality in 2022?

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    An Ode to the 5 Arab Women Reigning the Business World

    An Ode to the 5 Arab Women Reigning the Business World

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

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    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

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    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    Brazil mills cancel new sugar export contracts, shift output to ethanol

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    World’s No.2 producer of wheat, India, bans wheat exports in new move

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Germany changes stance: Could back new and immediate EU ban on Russian oil

    Germany changes stance: Could back new and immediate EU ban on Russian oil

    Russia attacks Ukraine grain network in bid to cut competition

    Russia attacks Ukraine grain network in new bid to cut competition

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    Crisis talks in EU after Russia cuts gas to 2 member countries

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    In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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    Stellantis sees India as profitable auto market amid challenges in China, Russia in 2022

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    New EdTech startup STEMuli raises USD3.25M to transform learning with Educational Metaverse

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    Modern Indian architecture creating heat waves in 21st century

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

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    Secondary real estate market of Dubai dominates in the first quarter of 2022

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    Greek Tourism in new partnership with Qatar Airways, Wego for tourism in 2022

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    Deutsche Hospitality unveils big Middle East expansion plans for 2022

    Deutsche Hospitality unveils big Middle East expansion plans for 2022

    UK’s Morrisons to buy McColl’s ahead of Asda owners

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    Abu Dhabi launches new 2022 ‘Summer Like You Mean It’ campaign

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

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    An Ode to the 5 Arab Women Reigning the Business World

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    Meta for MENA; SMEs receive boost in 2022

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    OPay obtains approval of Egypt's CBE to issue prepaid cards

    OPay obtains approval of Egypt’s CBE to issue prepaid cards

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Digital voice-based banking to become the new reality in 2022?

    Digital voice-based banking to become the new reality in 2022?

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    An Ode to the 5 Arab Women Reigning the Business World

    An Ode to the 5 Arab Women Reigning the Business World

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

  • Markets
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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Germany changes stance: Could back new and immediate EU ban on Russian oil

    Germany changes stance: Could back new and immediate EU ban on Russian oil

    Russia attacks Ukraine grain network in bid to cut competition

    Russia attacks Ukraine grain network in new bid to cut competition

    Crisis talks in EU after Russia cuts gas to 2 member countries

    Crisis talks in EU after Russia cuts gas to 2 member countries

  • Infrastructure
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    In 2022, Abu Dhabi real estate records a boom with an influx of international investors

    In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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    Stellantis sees India as profitable auto market amid challenges in China, Russia in 2022

    New EdTech startup STEMuli raises USD3.25M to transform learning with Educational Metaverse

    New EdTech startup STEMuli raises USD3.25M to transform learning with Educational Metaverse

    Modern Indian architecture creating heat waves in 21st century

    Modern Indian architecture creating heat waves in 21st century

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

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    Leaked: Spain to Reveal Draft Bill for Menstrual Leaves to the Cabinet in May 2022

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    For 2022, BT and Warner Bros Discovery jointly create new pay-TV sport business

    Secondary real estate market of Dubai dominates in the first quarter of 2022

    Secondary real estate market of Dubai dominates in the first quarter of 2022

  • Lifestyle
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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    Greek Tourism in new partnership with Qatar Airways, Wego for tourism in 2022

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    Minor Hotels to launch 4 new properties, 2 brands in Middle East this year

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    Saudi government likely to add to its USD500 billion NEOM commitment

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    Deutsche Hospitality unveils big Middle East expansion plans for 2022

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    Abu Dhabi launches new 2022 ‘Summer Like You Mean It’ campaign

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    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

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    The Internet – Are We Safe in the 21st Century?

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    Nine women entrepreneurs at the helm of crypto success in 2022

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    Top 10 Countries Considered as the Best Business Hubs in 2022

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British Petroleum plans for green hydrogen, green ammonia plant in Australia

BP is planning on spending around $5 billion annually on low-carbon investments

Archana Karumanchi by Archana Karumanchi
August 11, 2021
in Logistics, Top Stories, Ultility, Wealth & Asset Management
Reading Time: 2 mins read
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British Petroleum plans for green hydrogen, green ammonia plant in Australia

British Petroleum plans for green hydrogen, green ammonia plant in Australia

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British Petroleum sees potential for green hydrogen and a green ammonia plant in the mid-west region of Western Australia. BP is planning on spending around $5 billion annually on low-carbon investments. Australia is a feasible location for large-scale production of green hydrogen because it has vast lands and abundant wind and sunshine.

The production of green ammonia and green hydrogen is technically feasible at scale in Australia. However, the process will require mega investments in services such as electricity, port, and water.

A study, supported by the Australian Renewable Energy Agency (ARENA), considered building a demonstration plant where an electrolyzer powered by renewable energy will split water to produce hydrogen. The hydrogen produced would then be used to make green ammonia. This facility would be able to produce 1 million tonnes a year.

There is a global push to save the environment by cutting carbon emissions. Australia wants to replace fossil fuels with green hydrogen. According to BP Australia President Frédéric Baudry, this eco-friendly move would position Australia as a regional powerhouse of the energy transition. Mr. Baudry also said that their study also confirmed that there would be strong demand from potential customers in the renewable technologies sector for both export and local markets.

Engineering firm GHD conducted the study and found that developing a hydrogen industry would need government support, including expanding ports, building transmission lines, setting emissions targets, and providing incentives. GHD has not given a cost estimate for a commercial-scale plant. The biggest obstacle to attracting investments is the absence of an emissions cap or carbon price in renewable technologies such as hydrogen, according to GHD.

The Australian government has declined to commit to net zero emissions by 2050 and has also refused to set a price on carbon. BP said that it would develop plans for green hydrogen and green ammonia projects with other companies in Western Australia. Japan’s Mitsui OSK Lines and Australia’s Origin Energy said that they would jointly study how green ammonia projects of Australia could supply markets from 2026.

Tags: ARENaustraliaAustralian Renewable Energy AgencyBritish PetroleumGreen AmmoniaGreen HydrogenSetup Plant
Archana Karumanchi

Archana Karumanchi

Archana Das Karumanchi is our content writer with a Master's degree in English Literature. She is not only well versed in the English language but also has a degree in Economics. Her key strength is the ability to write articulately about economic issues and trends keeping the target audience in mind.

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Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

May 19, 2022
In 2022, Abu Dhabi real estate records a boom with an influx of international investors

In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

May 19, 2022
Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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