Speaking during a Q&A to announce its full year and Q4 2022 results, he said, “The reality is for us to make ammonia through a grid – we put a lot of energy into that process; we get the ammonia molecule, move it from point A to point B in a large ship, and then we will take it through storage at the other end, and crack it. The amount of energy lost, that we see in that entire process, makes the economics not viable in my mind.

“For me, direct ammonia usage, either on the fertiliser front, or direct as a fuel injection or blending, makes a lot more sense in the near term, and as technology changes and improves, then it becomes a little bit more viable longer term.”

Linde recently announced a $1.8bn investment to supply clean hydrogen and other industrial gases to OCI’s new blue ammonia plant in Beaumont, Texas. Linde will build, own and operate an on-site complex which will include autothermal reforming with carbon capture, plus a large air separation plant.

The new complex will be integrated into Linde’s extensive Gulf Coast industrial gas infrastructure. It will supply clean hydrogen and nitrogen to OCI’s 1.1Mtpa blue ammonia plant, the first greenfield blue ammonia facility of this scale to come onstream in the United States.

Lamba said its strategy is to support decarbonisation by working with off-takers, like OCI, to safely and reliably supply low-carbon industrial gases at scale. He said with Linde’s track record in successfully executing complex projects (with 50 years in the hydrogen business), its extensive pipeline network, and support from the US Inflation Reduction Act, the company is well positioned to secure “many more” clean energy projects.

But he said green hydrogen is neither scalable nor cost effective as things stand today.

“I see a journey of five-to-seven years there, to get to a point of inflection of volumes,” he said.

Linde recorded an adjusted operating profit of $7.9bn in 2022, up 10% on 2021, and maintains it is on track for a ‘record year’ in 2023. Income rose 11% to $6.195bn and sales grew 8% to $33.3bn although operating cashflow dropped 9% to $8.86bn. Linde’s hydrogen refinery in Valero, Texas, is pictured.