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L'AIR LIQUIDE S.A.

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Dutch government grants $2.4 billion in subsidies to huge carbon storage project

05/09/2021 | 09:53pm EDT
FILE PHOTO: View of a container terminal in the port of Rotterdam

AMSTERDAM (Reuters) - The Dutch government has granted a consortium that includes oil majors Royal Dutch Shell and ExxonMobil around 2 billion euros ($2.4 billion) in subsidies for what is set to become one of the largest carbon capture and storage (CCS) projects in the world, the Port of Rotterdam said on Sunday.

Shell and Exxon requested the subsidies in January together with industrial gas suppliers Air Liquide and Air Products for a project which aims to capture CO2 emitted by factories and refineries in the Rotterdam port area and store it in empty Dutch gas fields in the North Sea.

The companies involved have been told that their applications will be granted, port spokesman Sjaak Poppe told Reuters, confirming an earlier report by Dutch public broadcaster NOS.

This clears the most important hurdle for the project, which is set to become operational in 2024 and is expected to reduce emissions in the industrial cluster surrounding Europe's largest sea port by around 10%.

Economy ministry spokesman Dion Huidekooper declined to comment on the reports on Sunday evening.

Details of the subsidies would be made public after decisions had been taken on all applications for this year, he said, which was expected to happen later this month.

The government has said it will grant a total of 5 billion euros in subsidies in 2021 for technologies that will help it achieve its climate goals.

It received applications for a total sum of 6.4 billion euros.

The CCS subsidies are meant to compensate the companies for the extra costs of capturing the greenhouse gasses instead of emitting them, while the port will provide the necessary infrastructure to transport the carbon dioxide to the empty offshore gas fields.

Home to many large industries and Europe's main seaport, the Netherlands is among the countries with the highest emissions of greenhouse gasses per capita in Europe.

It aims to lower emissions by 55% relative to 1990 levels by 2030. Emissions were down 24.5% from 1990 levels last year.

($1 = 0.8222 euros)

(Reporting by Bart Meijer; editing by David Evans)

By Bart H. Meijer


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION -2.56% 60.4 Delayed Quote.46.53%
L'AIR LIQUIDE S.A. -0.59% 144.6 Real-time Quote.7.71%
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.41.20%
ROYAL DUTCH SHELL PLC -3.23% 16.67 Real-time Quote.14.07%
WTI 0.78% 71.41 Delayed Quote.47.13%
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Financials
Sales 2021 21 526 M 25 528 M 25 528 M
Net income 2021 2 617 M 3 104 M 3 104 M
Net Debt 2021 10 995 M 13 040 M 13 040 M
P/E ratio 2021 26,2x
Yield 2021 2,03%
Capitalization 68 248 M 80 911 M 80 937 M
EV / Sales 2021 3,68x
EV / Sales 2022 3,46x
Nbr of Employees 64 445
Free-Float 97,1%
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 155,94 €
Last Close Price 144,60 €
Spread / Highest target 31,4%
Spread / Average Target 7,84%
Spread / Lowest Target -10,1%
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NameTitle
Benoît Potier Chairman & Chief Executive Officer
Jerome Jenamarie Pelletan Chief Financial Officer
Jean-Paul Agon Lead Independent Director
Siân Herbert-Jones Independent Director
Sin Leng Low Independent Director
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