Recent developments
Industrial gases activity
Air Liquide reported growth and a record investment backlog in Air Liquide Q1 2026, including gases supply for low‑carbon steel in Louisiana, a €200 million ultra‑pure gases project in Hiroshima, an advanced materials plant in Taichung, and completion of the DIG Airgas acquisition expanding presence in South Korea.
Hydrogen deployment
Green hydrogen use advanced as Lhyfe to supply green hydrogen to BMW Group’s Steyr site for fuel‑cell system development targeting series production from 2028. Power flexibility planning progressed with preliminary approval for the hydrogen‑ready CCGT Unit 8 at Staudinger (up to 890 MW), positioning for German capacity auctions.
CO2 capture logistics
CO2 management accelerated. Worley appointed Owner’s Engineer for Holcim CCUS projects across 14 EU/UK cement sites targeting 5 Mt/yr captured by 2030. Open‑access logistics broadened via the planned Avonmouth CO2 storage hub (up to 6 Mt/yr from 2031), while Air Liquide agreed to develop capture for Holcim Obourg.
Energy and feedstocks
Energy context remained pivotal. Upstream volumes increased with Petrobras' 1Q26 production record, as TotalEnergies Q1 2026 Results underscored market and regulatory uncertainties. European competitiveness risks were reiterated in BASF's Verbund energy vulnerability, highlighting ammonia‑chain exposure when gas prices spike.
Portfolio realignment
Portfolios continued to shift. The INEOS Calabrian sale to Ecovyst for $190 million moves ultra‑pure SO2 and derivatives to a new owner, with closing targeted by June 2026 and no immediate changes for customers or suppliers.