Recent developments
Industrial decarbonization updates
Cement and metals integrated gases into abatement. Air Liquide and Holcim agreed on oxygen supply and Cryocap OXY at Obourg to capture 1.1 Mtpa CO₂ with pipeline export to Antwerp@C, pending FID. In Germany, Messer and Aurubis commissioned a new air separation unit at Lünen, boosting high‑purity O₂/N₂ supply and efficiency while reducing truck runs by up to 3,000 annually.
Hydrogen networks buildout
Infrastructure advanced as Worley won EPCM for the Danish Hydrogen Backbone pipeline, blending new build and conversion to link renewable H₂ with Germany by 2030. Ownership shifted as Nobian and Macquarie sold their interest in HyCC to Power2X to accelerate large‑scale green hydrogen. In Portugal, ZILS – Sines Industrial and Logistics Zone reported >€20bn across projects including hydrogen and ammonia facilities.
Capital and storage
Air Liquide issued a CHF 640 million bond under its EMTN program at a sub‑1% average rate. Vopak reported record 2025 results and an FID to expand gas infrastructure at the Gate terminal in Rotterdam, alongside a multi-year share buyback program up to €500 million.
Upstream gas expansion
Saudi Arabia advanced gas supply: Aramco started up the Jafurah unconventional gas field and is ramping the Tanajib Gas Plant, targeting 2.0 bscf/d sales gas (Jafurah) and 2.6 bscf/d raw gas processing (Tanajib) by 2026–2030, supporting domestic industry and power while aligning with the 2060 net‑zero goal.
Trading leadership changes
Market-facing governance shifted as Uniper’s CCO Carsten Poppinga announced his departure to join EnBW after a cooling‑off period; CEO Michael Lewis assumes interim CCO responsibilities.