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    YAR   NO0010208051

YARA INTERNATIONAL ASA

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JERA in talks with resource majors, others to build ammonia fuel supply chain

05/31/2021 | 04:59am EDT

TOKYO, May 31 (Reuters) - Japan's biggest power generator JERA is in talks with companies at home and abroad including resource majors, shipping companies and local electric utilities to build a global supply chain for ammonia as a fuel, its president said on Monday.

Ammonia is used for fertiliser and industrial materials, but is also seen as an effective future energy source, along with hydrogen. It does not emit carbon dioxide when burned, though its production creates emissions if it is made with fossil fuel.

JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, aims to achieve net zero emissions of carbon dioxide by 2050 and 20% use of ammonia at its coal-fired power plants by 2035.

It has already signed a memorandum of understanding (MOU) with Norwegian ammonia maker Yara for the delivery of emissions-free ammonia as fuel for electricity generation in Japan, following an agreement with Malaysia's Petronas to discuss collaborations in ammonia and other energy areas.

"We are also in discussions with various companies, including resource majors, state-owned companies, shipping companies, domestic electric utilities and plant manufacturers," JERA President Satoshi Onoda told a news conference, without giving names of the companies.

"We will strive to build a green ammonia supply chain by continuing to promote alliances worldwide from both supply and demand sides," he said.

JERA plans to begin a demonstration project to develop technology to co-fire ammonia and coal at a 1 gigawatt (GW) commercial coal-fired power plant.

In an effort to expand its renewable power assets to 5 gigawatts (GW) by 2025 from 1.2 GW as of March, JERA said it and its partners Equinor and Electric Power Development Co (J-Power) submitted a bid this month for three offshore wind power projects in Akita, northern Japan.

Separately, JERA has begun an environment assessment process for two other offshore projects, one off Ishikari Bay in Hokkaido and another in Tsugaru in Aomori, northern Japan, it said. (Reporting by Yuka Obayashi Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER COMPANY, INCORPORATED -0.75% 1321 End-of-day quote.6.28%
ELECTRIC POWER DEVELOPMENT CO., LTD. -2.05% 1622 End-of-day quote.14.14%
EQUINOR ASA -0.16% 176.32 Real-time Quote.21.64%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED 0.69% 293 End-of-day quote.7.72%
YARA INTERNATIONAL ASA -0.13% 459 Real-time Quote.28.93%
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Sales 2021 126 B 14 354 M 14 354 M
Net income 2021 10 428 M 1 184 M 1 184 M
Net Debt 2021 29 352 M 3 332 M 3 332 M
P/E ratio 2021 11,0x
Yield 2021 8,29%
Capitalization 117 B 13 251 M 13 275 M
EV / Sales 2021 1,16x
EV / Sales 2022 1,21x
Nbr of Employees 15 552
Free-Float 60,7%
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Number of Analysts 19
Last Close Price 459,00 NOK
Average target price 471,90 NOK
Spread / Average Target 2,81%
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Svein Tore Holsether President & Chief Executive Officer
Lars R°sŠg Chief Financial Officer & Executive Vice President
Trond Berger Chairman
Geir Olav Sundb° Independent Director
Rune Asle Bratteberg Independent Director
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