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TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED

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Norway's Yara and Japan's JERA in clean ammonia deal

05/11/2021 | 02:33am EDT
A general view of the Yara ammonia plant in Porsgrunn

OSLO (Reuters) - Norwegian ammonia maker Yara and Japanese power company JERA have signed a memorandum of understanding (MoU) on the delivery of emissions-free ammonia as fuel for electricity generation in Japan, the companies said on Tuesday.

The planned collaboration includes both blue and green ammonia, terms which denote the different production methods while yielding the same output and releasing no CO2 emissions into the atmosphere.

Ammonia is called green when produced from renewable electricity while the blue version is made with fossil fuel and a subsequent carbon capture and storage process (CCS).

The collaboration would give Yara, one of the world's top fertiliser makers, a footprint in the strategically important Japanese market, Chief Executive Svein Tore Holsether said in a statement.

JERA, a thermal power and fuel joint venture between Tokyo Electric Power Company Holdings and Chubu Electric Power, said last October that it aims to use greener fuels such as ammonia and hydrogen at its thermal plants to reach a 2050 target of becoming carbon neutral.

It plans to start a pilot programme to use ammonia as a fuel with coal in mixed combustion at its Hekinan thermal power station in central Japan by 2030 and hopes to achieve 20% use of ammonia at its coal-fired power plants by 2035.

(Reporting by Victoria Klesty; additional reporting by Yuka Obayashi; editing by Terje Solsvik)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER COMPANY, INCORPORATED -0.75% 1321 End-of-day quote.6.28%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED 0.69% 293 End-of-day quote.7.72%
YARA INTERNATIONAL ASA -0.13% 459 Real-time Quote.29.10%
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Financials
Sales 2022 5 459 B 50 083 M 50 083 M
Net income 2022 111 B 1 018 M 1 018 M
Net Debt 2022 4 215 B 38 673 M 38 673 M
P/E ratio 2022 7,35x
Yield 2022 -
Capitalization 469 B 4 303 M 4 307 M
EV / Sales 2022 0,86x
EV / Sales 2023 0,87x
Nbr of Employees 37 891
Free-Float 92,8%
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Mean consensus SELL
Number of Analysts 3
Last Close Price 293,00 JPY
Average target price 275,00 JPY
Spread / Average Target -6,14%
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Managers and Directors
Tomoaki Kobayakawa Executive President & Director
Shoei Utsuda Chairman
Hideko Kunii Independent Director
Hideo Takaura Independent Outside Director
Junji Annen Independent Outside Director
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