Air Products has withdrawn from the coal-to-methanol Bengalon, East Kalimantan, Indonesia project as it looks to redeploy financial resources on future energy transition opportunities.
The industrial gas giant said the financial landscape for blue and green hydrogen projects has significantly changed in the last year, driving new business opportunities.
It was back in May 2020 when Air Products said it would invest $2bn in the coal-to-methanol production facility in Indonesia.
Under a long-term contract with PT. Bakrie Capital Indonesia and PT. Ithaca Resources, Air Products said it would build, own, and operate the air separation, gasification, syngas clean-up, utilities and methanol production assets to produce methanol for Bakrie and Ithaca.
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