CA - Air Products to supply low carbon hydrogen for Imperial Oil diesel project

Imperial Oil ( NYSE: IMO ) said Tuesday it entered into a long-term contract for Air Products & Chemicals ( NYSE: APD ) to supply it with low-carbon hydrogen for its proposed renewable diesel complex at its Strathcona refinery in Alberta.

Air Products ( APD ) will provide pipeline supply from its hydrogen plant under construction in Alberta, and will increase investment into the facility to ~C$1.6B (US$1.22B) to be used to facilitate integration with Imperial's ( IMO ) proposed project that also will enable further significant emissions reductions at Air Products' overall complex.

Air Products ( APD ) said it will supply Strathcona with roughly half of the low-carbon hydrogen output from the 165M cf/day hydrogen production complex.

Imperial ( IMO ) expects ts renewable diesel complex will produce more than 1B liters/year of renewable diesel.

Citing several factors including the possibility of another special dividend, TD Securities recently upgraded Imperial shares to Buy .

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