During a Q1 earnings webcast, Seifi Ghasemi, Chairman, President and CEO, said the project capital structure has changed following “significant interest” from more than 20 financial institutions. The three-equal ownership parties will now invest 25% cash and 75% non-recourse project financing.

For Air Products, that equates to $800m instead of the original $1.7bn. Capital needs for the production joint venture (Air Products, ACWA Power and NEOM) totals $8.5bn.

Ghasemi said definitive financing agreements will be announced “very soon”.

Engineering on the megaproject is now 30% complete, he added, and all major subcontracts have been awarded.

Air Products is the sole offtaker and marketer of all of the green ammonia under a 30-year contract. Ghasemi said the offtake price of the green ammonia to Air Products remains the same today as when the project was announced in July 2020.

Alongside progress with NEOM, Ghasemi said it was proud to have reached several project milestones, including completing the second phase of the $12bn Jazan gasification and power project, and announcing plans for the largest green hydrogen project in the US, in Texas.