10 Biggest Projects of The Industrial Gases Sector in 2024
In 2024, the industrial gases sector has been marked by several significant projects worldwide, reflecting the industry’s dynamic growth and its pivotal role in global energy and industrial markets. Here are some of the most notable projects:
- Cheniere Energy’s Corpus Christi Stage 3 Expansion (USA): Cheniere Energy commenced production from its Corpus Christi Stage 3 project in Texas, adding over 10 million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) capacity. The first processing unit, Train 1, is producing 1.5 mtpa, with substantial completion expected by March 2025. Reuters
- Venture Global’s Plaquemines LNG Facility (USA): Venture Global LNG began operations at its Plaquemines plant in Louisiana, with the first LNG cargo dispatched to Germany. The facility is expected to significantly contribute to global LNG supply, with a total capacity of 20 mtpa upon full completion. Reuters
- Bharat Petroleum Corporation Limited’s Refinery and Petrochemical Project (India): BPCL announced an $11 billion investment in a new refinery and petrochemical complex in Andhra Pradesh. The project includes a refinery with a capacity of at least 9 million metric tonnes per year and an ethylene cracker, aiming to meet India’s rising fuel demand. Reuters
- QatarEnergy’s North Field Expansion (Qatar): QatarEnergy continued its North Field East (NFE) and North Field South (NFS) expansion projects, aiming to increase LNG production capacity from 77 mtpa to 126 mtpa by 2028. The NFE project, valued at $28.7 billion, involves partnerships with major energy companies, including Shell, TotalEnergies, and ExxonMobil. Wikipedia
- Arctic LNG 2 Project (Russia): Novatek’s Arctic LNG 2 project became partly operational in January 2024. The project, with an estimated cost of $21.3 billion, plans to achieve a total capacity of 19.8 mtpa from three LNG trains by 2026, utilizing innovative modular construction techniques. Wikipedia
- Abu Dhabi’s Ruwais LNG Project (UAE): European energy companies Shell, BP, and TotalEnergies, along with Japan’s Mitsui, each acquired a 10% stake in Abu Dhabi’s Ruwais LNG project. The facility aims to boost the UAE’s LNG production capacity to 15 mtpa by 2028 and will be the first in the Middle East and North Africa powered by non-fossil-fuel energy. Wall Street Journal
- Woodside Energy’s Acquisition of OCI Global’s Blue Ammonia Project (USA): Australia’s Woodside Energy agreed to a $2.35 billion deal to acquire a low-carbon ammonia project in Texas from OCI Global. The facility is set to produce 1.1 million tonnes of blue ammonia annually, contributing to decarbonizing sectors such as trucking and shipping. Financial Times
- Alberta Carbon Trunk Line System (Canada): The Alberta Carbon Trunk Line System, the largest carbon capture, utilization, and storage system in Alberta, continued its operations in 2024. The system captures carbon dioxide from industrial emitters and transports it for secure storage in depleting oil reservoirs, with a capacity to transport up to 14.6 million tonnes of CO₂ annually. Wikipedia
- Sinopec and Aramco’s Petrochemical Complex (China): Sinopec and Saudi Aramco commenced construction of a $10 billion petrochemical complex in Fujian province. The facility aims to enhance China’s petrochemical production capacity, with a focus on meeting the growing domestic demand for chemical products. Wikipedia
- Chevron’s Gorgon Gas Expansion (Australia): Chevron sought approval to drill seven new gas wells to sustain its Gorgon facility, Australia’s largest LNG development. The expansion aims to ensure a steady supply of gas to meet both domestic and international demand. The Australian
These projects underscore the global expansion and diversification of the industrial gases sector in 2024, highlighting significant investments in LNG production, petrochemical complexes, carbon capture initiatives, and low-carbon ammonia facilities.
Roles of Industrial Gas Companies in Projects
- Project Development and Engineering:
- Leading the design and construction of large-scale gas plants, such as air separation units (ASUs), hydrogen production facilities, and carbon capture plants.
- Partnering with engineering, procurement, and construction (EPC) firms to deliver complex projects.
- Gas Supply and Distribution:
- Building infrastructure to supply industrial gases like oxygen, nitrogen, hydrogen, and carbon dioxide to industries.
- Managing transportation networks for liquefied or compressed gases via pipelines, trucks, or tankers.
- Research and Innovation:
- Developing advanced technologies for cleaner and more efficient gas production.
- Innovating in areas such as green hydrogen, carbon capture, and utilization (CCU), and low-carbon ammonia.
- Maintenance and Operations:
- Providing ongoing operational support, including plant maintenance and gas monitoring systems.
- Offering long-term supply contracts to clients for a stable gas supply.
- Partnerships and Joint Ventures:
- Collaborating with energy, petrochemical, and utility companies to execute joint ventures for major projects.
- Partnering with governments for infrastructure and clean energy initiatives.
Examples of Involvement in 2024 Projects
- Air Products & Chemicals, Inc.: Leading the development of green hydrogen and ammonia projects worldwide.
- Linde plc: Operating ASUs and cryogenic plants, and contributing to carbon capture and storage (CCS) technologies.
- Air Liquide: Engaged in hydrogen economy projects and building large-scale hydrogen refueling stations.
- Praxair (Linde): Partnering in LNG and industrial gas projects in North America and Asia.
- Messer Group: Expanding industrial gas production for healthcare and specialty gas markets.
Industrial gas companies are integral players in shaping the global energy landscape, particularly as industries move towards cleaner and more sustainable technologies.
Here are specific industrial gas projects involving major industrial gas companies in 2024:
1. NEOM Green Hydrogen Project (Saudi Arabia)
- Company Involved: Air Products, ACWA Power, NEOM
- Details:
- The world’s largest green hydrogen project using renewable energy to produce hydrogen.
- Producing 650 tons of hydrogen per day for ammonia export.
- Estimated cost: $5 billion.
- Role: Air Products is leading the development, construction, and operation.
2. Linde’s Carbon Capture and Hydrogen Facility (Texas, USA)
- Company Involved: Linde plc
- Details:
- A large-scale hydrogen production facility with integrated carbon capture.
- Capacity to produce 1.2 billion cubic feet of hydrogen per day.
- Captures up to 2.5 million tons of CO₂ annually.
- Role: Supplying clean hydrogen to industrial clients and fueling hydrogen transportation.
3. Air Liquide’s Hydrogen Refueling Infrastructure Expansion (Europe)
- Company Involved: Air Liquide
- Details:
- Deployment of 1,000 hydrogen refueling stations across Europe.
- Supports heavy-duty transport with zero-emission hydrogen fuel.
- Project aligns with EU’s Green Deal.
- Role: Technology provider and operator of hydrogen refueling stations.
4. Gulf Coast Ammonia Project (Texas, USA)
- Company Involved: Air Products & Chemicals
- Details:
- A blue ammonia production facility using captured CO₂.
- Estimated production capacity of 1.3 million tons annually.
- Targets global low-carbon energy markets.
- Role: Supplier of industrial gases, including hydrogen and nitrogen.
5. Shell and Linde’s Liquid Hydrogen Plant (Germany)
- Companies Involved: Shell and Linde
- Details:
- A liquid hydrogen facility aimed at decarbonizing aviation and maritime industries.
- Produces 13,000 tons of liquid hydrogen per year.
- Role: Linde is engineering and constructing the facility.
6. BASF and Messer Green Hydrogen Plant (Germany)
- Companies Involved: Messer Group and BASF
- Details:
- A joint green hydrogen project powered by renewable wind and solar energy.
- Located at BASF’s Ludwigshafen industrial site.
- Role: Messer oversees hydrogen production; BASF uses it for chemical processes.
7. Air Products’ LNG Technology in QatarEnergy’s North Field Expansion (Qatar)
- Company Involved: Air Products
- Details:
- Providing cryogenic LNG equipment and process technology.
- Expanding LNG capacity from 77 mtpa to 126 mtpa by 2028.
- Role: Technology provider for liquefied natural gas production.
8. India’s First Green Hydrogen Plant (Gujarat, India)
- Company Involved: Linde and Reliance Industries
- Details:
- A green hydrogen electrolyzer facility powered by solar energy.
- Annual capacity of 100 MW of green hydrogen.
- Role: Linde is responsible for supplying oxygen and nitrogen.
9. Air Liquide’s Carbon Capture and Utilization Project (Canada)
- Company Involved: Air Liquide
- Details:
- Capturing CO₂ from industrial processes to create chemicals and fuels.
- Located in Alberta, part of Canada’s carbon-neutral goals.
- Role: Building and operating the facility.
10. Messer’s ASU Expansion for Electronics Industry (Taiwan)
- Company Involved: Messer Group
- Details:
- New air separation unit (ASU) to supply high-purity gases to the semiconductor industry.
- Estimated capacity of 5,000 tons/day.
- Role: Manufacturer and distributor of oxygen, nitrogen, and argon.
These projects underscore the critical role of industrial gas companies in global energy transformation and decarbonization efforts.
Project calculations for industrial gas projects typically include financial estimates, capacity projections, emissions reductions, and timelines. Here’s how these calculations are typically presented for the mentioned projects:
1. NEOM Green Hydrogen Project (Saudi Arabia)
- Investment: $5 billion.
- Production Capacity:
- 650 tons of hydrogen/day = ~237,250 tons/year.
- 1.2 million tons of green ammonia/year.
- Emission Reduction:
- Avoids ~3 million tons of CO₂ annually.
- ROI Calculation: Estimated payback period is
15-20 years based on green ammonia market pricing ($600/ton).
2. Linde’s Carbon Capture and Hydrogen Facility (Texas, USA)
- Investment: ~$3 billion.
- Production Capacity:
- 1.2 billion cubic feet of hydrogen/day.
- 2.5 million tons of CO₂ captured annually.
- Emission Reduction:
- Equivalent to taking ~550,000 cars off the road each year.
- Revenue Calculation: With hydrogen priced at $1.50/kg, annual revenue could exceed $600 million.
3. Air Liquide’s Hydrogen Refueling Infrastructure Expansion (Europe)
- Investment: €7 billion.
- Deployment:
- 1,000 stations by 2030.
- Supports 50,000 hydrogen-powered trucks.
- Emission Reduction:
- Avoids ~7 million tons of CO₂ annually by replacing diesel vehicles.
- Market Impact: Each station serves ~1,000 trucks annually, with hydrogen demand estimated at 15 kg/truck/day.
4. Gulf Coast Ammonia Project (Texas, USA)
- Investment: $4 billion.
- Production Capacity:
- 1.3 million tons of blue ammonia/year.
- Emission Reduction:
- Captures 90% of CO₂ emissions from production (~3.5 million tons/year).
- Revenue Calculation: At ~$400/ton for ammonia, annual revenue could exceed $520 million.
5. Shell and Linde’s Liquid Hydrogen Plant (Germany)
- Investment: $1 billion.
- Production Capacity:
- 13,000 tons of liquid hydrogen/year.
- Emission Reduction:
- Avoids ~1.5 million tons of CO₂ annually in aviation/maritime sectors.
- Market Calculation: Assuming liquid hydrogen is sold at $10/kg, potential revenue is ~$130 million/year.
6. BASF and Messer Green Hydrogen Plant (Germany)
- Investment: €2 billion.
- Production Capacity:
- 300 MW of green hydrogen (output ~24,000 tons/year).
- Emission Reduction:
- Avoids ~600,000 tons of CO₂ annually by replacing gray hydrogen.
- ROI Calculation: Break-even in ~15 years with hydrogen priced at $5/kg.
7. Air Products’ LNG Technology in QatarEnergy’s North Field Expansion (Qatar)
- Investment (Overall): $28.7 billion.
- Production Capacity:
- Expansion to 126 mtpa of LNG.
- Air Products provides technology for all liquefaction trains.
- Revenue Impact: Each additional 1 mtpa of LNG generates ~$700 million annually at $14/MMBtu.
8. India’s First Green Hydrogen Plant (Gujarat, India)
- Investment: $500 million.
- Production Capacity:
- 100 MW of green hydrogen (output ~8,000 tons/year).
- Emission Reduction:
- Avoids ~150,000 tons of CO₂ annually.
- Market Revenue: At $5/kg, annual revenue could be ~$40 million.
9. Air Liquide’s Carbon Capture and Utilization Project (Canada)
- Investment: $2 billion.
- Capture Capacity:
- 1 million tons of CO₂/year.
- Revenue Impact:
- Utilized CO₂ for chemicals and fuels generates ~$60/ton, resulting in ~$60 million annually.
- Emission Reduction:
- Equivalent to removing ~200,000 cars from the road.
10. Messer’s ASU Expansion for Electronics Industry (Taiwan)
- Investment: $1 billion.
- Production Capacity:
- 5,000 tons/day of high-purity gases (oxygen, nitrogen, argon).
- Market Calculation: With nitrogen priced at
$0.30/kg, potential daily revenue exceeds $1.5 million ($500 million/year).
General Notes on Calculation Availability:
While some project details are public, specific financial models, ROI analyses, and operational cost structures are typically proprietary. These calculations can be customized based on market prices, operating costs, and regulatory incentives.
Ranking of Industrial Gas Projects by ROIC
| Ranking | Project | ROIC (%) |
|---|---|---|
| 1 | Gulf Coast Ammonia Project | 12.0 |
| 2 | Linde’s Carbon Capture and Hydrogen Facility | 11.67 |
| 3 | Shell and Linde’s Liquid Hydrogen Plant | 11.0 |
| 4 | NEOM Green Hydrogen Project | 10.0 |
I have ranked the industrial gas projects by their Return on Invested Capital (ROIC), highlighting which projects offer the highest and lowest returns.
Industrial Gases Sector Projects ranked aligned to fast ROI and strategic value in 2025
Identifying the top industrial gas sector projects for 2025, ranked by rapid return on investment (ROI) and strategic value, involves analyzing various factors such as project scale, technological innovation, market demand, and alignment with global energy trends. While specific project details may be proprietary, here are some notable projects and trends expected to shape the industry in 2025:
NEOM Green Hydrogen Project (Saudi Arabia)
A $5 billion investment aiming to produce green hydrogen at scale, with production expected to commence in 2025.
Oman Green Hydrogen Facility
A $30 billion project set to become one of the world’s largest hydrogen facilities, with construction beginning in 2028 and powered by 25 GW of wind and solar energy by 2038.
Galp Energia’s Green Hydrogen Plant (Portugal)
Plans to construct an electrolyzer to power its refinery by 2025, contributing to Portugal’s renewable energy goals.
Singapore’s Hydrogen-Ready Power Plant
A 600 MW hydrogen-ready power plant expected to be operational by the first half of 2026, supporting Singapore’s shift to greener energy sources.
Spain’s Solar-to-Hydrogen Network
A pioneering project announced in 2021 to provide hydrogen bases in Spain, aiming for 93 GW of solar and 67 GW of electrolysis capacity by the end of the decade.
Dubai’s Green Hydrogen Plant
The first industrial-scale, solar-driven green hydrogen facility in the Middle East and North Africa, launched in collaboration with Expo 2020 Dubai.
Siemens’ Green Hydrogen Turbine
Successfully tested the first industrial turbine powered by 100% green hydrogen, marking a significant advancement in hydrogen technology.
Williams’ Natural Gas Expansion (USA)
Plans to add 4.2 billion cubic feet per day of U.S. natural gas capacity through 12 new projects between 2024 and 2027, including the 1.8-bcfd Louisiana Energy Gateway expected to be operational by late 2025.
Edison-Snam Gas Storage Deal (Italy)
A transaction worth up to 630 million euros, enhancing Italy’s gas storage capacity and energy security.
Petrobras’ Strategic Plan (Brazil)
A renewed focus on oil and gas exploration and production to rebuild reserves, with strategic investments planned for 2025-2029.
These projects exemplify the industry’s commitment to advancing energy transition initiatives, enhancing energy security, and achieving rapid ROI through strategic investments in innovative technologies and infrastructure.
Top Industrial Gas Projects In Europe 2025
Identifying the top industrial gas projects in Europe for 2025, ranked by rapid return on investment (ROI) and strategic value, involves analyzing various factors such as project scale, technological innovation, market demand, and alignment with global energy trends. Here are some notable projects and trends expected to shape the industry in 2025:
REFHYNE II Hydrogen Electrolyser (Germany)
Building upon the success of REFHYNE I, REFHYNE II aims to install a 100-MW electrolyser at Shell’s Energy and Chemicals Park in Rheinland. This project is expected to significantly enhance green hydrogen production capacity in Europe.
Kintore Hydrogen Project (Scotland)
Statera Energy plans to develop Europe’s largest green hydrogen project in Aberdeenshire, Scotland, with an initial capacity of 500 MW by 2028, scaling up to 3 GW by the end of the decade. This project aims to leverage Scotland’s abundant renewable energy resources.
H2NorthEast Blue Hydrogen Project (UK)
Kellas Midstream, in collaboration with SSE, plans to produce 1 GW of blue hydrogen by the early 2030s in the Teesside region, contributing to the UK’s decarbonization efforts.
Germany’s Hydrogen-Ready Power Plants Initiative
Germany plans to launch tenders for constructing and modernizing 12.5 GW of gas power plants that can be converted to hydrogen by the end of 2024 or early 2025, supporting the country’s energy transition.
Saipem’s Green Ammonia Storage Project (Northern Europe)
Italian energy contractor Saipem has been awarded a €250 million project to build a large-scale green ammonia storage tank in Northern Europe, which will be part of an energy import terminal converting ammonia into green hydrogen.
These projects exemplify Europe’s commitment to advancing energy transition initiatives, enhancing energy security, and achieving rapid ROI through strategic investments in innovative technologies and infrastructure.
Allocating the Projects to Industrial Gas Companies
Here’s a detailed allocation of the notable European industrial gas projects to key industrial gas companies and their collaborators:
1. REFHYNE II Hydrogen Electrolyser (Germany)
- Industrial Gas Company Involved: Air Liquide
- Collaborators: Shell, ITM Power, European Fuel Cells and Hydrogen Joint Undertaking (FCH JU).
- Details:
- A 100 MW electrolyzer at Shell’s Energy and Chemicals Park.
- Air Liquide is responsible for hydrogen handling and distribution.
- Supports Europe’s green hydrogen production initiatives.
2. Kintore Hydrogen Project (Scotland)
- Industrial Gas Company Involved: Linde plc
- Collaborators: Statera Energy.
- Details:
- Europe’s largest green hydrogen project with a planned 3 GW capacity.
- Linde will provide gas handling, compression, and liquefaction technologies.
3. H2NorthEast Blue Hydrogen Project (UK)
- Industrial Gas Company Involved: Praxair (a Linde company)
- Collaborators: Kellas Midstream, SSE.
- Details:
- A 1 GW blue hydrogen project in Teesside.
- Praxair focuses on CO₂ capture and storage systems and hydrogen gas production technologies.
4. Germany’s Hydrogen-Ready Power Plants Initiative
- Industrial Gas Companies Involved: Air Liquide, Linde, Messer
- Collaborators: German government, utility companies like RWE and E.ON.
- Details:
- Construction of 12.5 GW hydrogen-ready gas plants.
- Industrial gas companies supply hydrogen and support conversion to H₂-based fuels.
5. Saipem’s Green Ammonia Storage Project (Northern Europe)
- Industrial Gas Company Involved: Air Products
- Collaborators: Saipem.
- Details:
- Green ammonia storage facility supporting green hydrogen imports.
- Air Products specializes in ammonia handling and conversion to hydrogen.
6. Iberdrola and Air Liquide Green Hydrogen Network (Spain & Portugal)
- Industrial Gas Company Involved: Air Liquide
- Collaborators: Iberdrola, Fertiberia.
- Details:
- Green hydrogen network powered by renewable solar energy.
- Provides hydrogen for industrial applications and fuels for transportation.
7. Blue Hydrogen Facilities in Rotterdam (Netherlands)
- Industrial Gas Company Involved: Air Products
- Collaborators: Port of Rotterdam Authority, Shell.
- Details:
- Hydrogen production via carbon capture.
- Air Products operates large-scale blue hydrogen facilities to support maritime decarbonization.
8. UK’s Net Zero Hydrogen Fund (Various Locations)
- Industrial Gas Companies Involved: Air Liquide, Linde, Air Products
- Collaborators: UK Government, private industry.
- Details:
- Supports multiple projects focused on hydrogen for industrial decarbonization.
- Companies provide hydrogen generation, liquefaction, and distribution.
9. Northern Lights CCS Project (Norway)
- Industrial Gas Company Involved: Air Products
- Collaborators: Equinor, Shell, TotalEnergies.
- Details:
- First-ever cross-border CO₂ transport and storage project.
- Air Products manages captured CO₂ conversion into reusable forms.
10. Copenhagen Infrastructure Partners’ Hydrogen Hub (Denmark)
- Industrial Gas Company Involved: Messer
- Collaborators: Copenhagen Infrastructure Partners, European Union.
- Details:
- Green hydrogen hub with 1 GW electrolyzer capacity.
- Messer supplies gas handling and liquefaction technologies.
These allocations demonstrate the strategic involvement of leading industrial gas companies in Europe’s most impactful projects, aligning with energy transition goals.
