MIDLAND,
Mich., April 25, 2023 /PRNewswire/ -- Dow (NYSE:
DOW) announced today it has selected Linde (NYSE: LIN) as its
industrial gas partner for the supply of clean hydrogen and
nitrogen for its proposed net-zero carbon emissions1
integrated ethylene cracker and derivatives site in Fort Saskatchewan, Alberta, Canada. Final
investment decisions for both the Dow and Linde projects are
subject to approval by both companies' respective Board of
Directors and various regulatory agencies. Final investment
decisions are expected in fourth quarter this year for a potential
startup of phase 1 in 2027.
Under the parties' framework agreement, Linde will complete the
design and engineering for a Linde-owned and operated world-scale
air separation and autothermal reformer complex. This complex would
be integrated with Linde's existing operations in Fort Saskatchewan.
"Linde's partnership is critical in enabling Dow to advance its
plans to decarbonize our Fort
Saskatchewan site while growing our business," said
Edward Stones, Dow's business vice
president, Energy and Climate. "Our customers are looking to Dow to
help lower the carbon footprint of their products, and this is an
important step in that direction."
Dow's net-zero carbon emissions ethylene cracker and
derivatives complex would decarbonize approximately 20 percent of
its global ethylene capacity while growing its global polyethylene
supply by about 15 percent and supporting approximately
$1 billion of EBITDA (earnings before
interest, taxes, depreciation and amortization) growth across the
value chain by 2030.
The proposed production process at Fort Saskatchewan will
convert cracker off-gas into hydrogen as a clean fuel to be used in
the ethylene production process and carbon dioxide will be captured
onsite to be transported and stored by adjacent third-party carbon
storage infrastructure partners.
"The Dow net-zero Fort
Saskatchewan project will be a milestone project in global
industrial decarbonization," said Dan
Yankowski, senior vice president Americas, Linde. "Linde's
engineering, large project execution and operations expertise,
combined with our long-standing relationship, uniquely positions us
to support Dow as it takes an important step towards achieving its
decarbonization goals."
About Dow
Dow (NYSE: DOW) combines global breadth; asset integration and
scale; focused innovation and materials science expertise; leading
business positions; and environmental, social and governance
leadership to achieve profitable growth and help deliver a
sustainable future. The Company's ambition is to become the most
innovative, customer centric, inclusive and sustainable materials
science company in the world. Dow's portfolio of plastics,
industrial intermediates, coatings and silicones businesses
delivers a broad range of differentiated, science-based products
and solutions for its customers in high-growth market segments,
such as packaging, infrastructure, mobility and consumer
applications. Dow operates manufacturing sites in 31 countries and
employs approximately 37,800 people. Dow delivered sales of
approximately $57 billion in 2022.
References to Dow or the Company mean Dow Inc. and its
subsidiaries. For more information, please visit www.dow.com or
follow @DowNewsroom on Twitter.
Cautionary Statement about
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements often address expected future business and
financial performance, financial condition, and other matters, and
often contain words or phrases such as "anticipate," "believe,"
"estimate," "expect," "intend," "may," "opportunity," "outlook,"
"plan," "project," "seek," "should," "strategy," "target," "will,"
"will be," "will continue," "will likely result," "would" and
similar expressions, and variations or negatives of these words or
phrases.
Forward-looking statements are based on current assumptions and
expectations of future events that are subject to risks,
uncertainties and other factors that are beyond Dow's control,
which may cause actual results to differ materially from those
projected, anticipated or implied in the forward-looking statements
and speak only as of the date the statements were made. These
factors include, but are not limited to: sales of Dow's products;
Dow's expenses, future revenues and profitability; the continuing
global and regional economic impacts of the coronavirus disease
2019 ("COVID-19") pandemic and other public health-related risks
and events on Dow's business; any sanctions, export restrictions,
supply chain disruptions or increased economic uncertainty related
to the ongoing conflict between Russia and Ukraine; capital requirements and need for and
availability of financing; unexpected barriers in the development
of technology, including with respect to Dow's contemplated capital
and operating projects; Dow's ability to realize its commitment to
carbon neutrality on the contemplated timeframe; size of the
markets for Dow's products and services and ability to compete in
such markets; failure to develop and market new products and
optimally manage product life cycles; the rate and degree of market
acceptance of Dow's products; significant litigation and
environmental matters and related contingencies and unexpected
expenses; the success of competing technologies that are or may
become available; the ability to protect Dow's intellectual
property in the United States and
abroad; developments related to contemplated restructuring
activities and proposed divestitures or acquisitions such as
workforce reduction, manufacturing facility and/or asset closure
and related exit and disposal activities, and the benefits and
costs associated with each of the foregoing; fluctuations in energy
and raw material prices; management of process safety and product
stewardship; changes in relationships with Dow's significant
customers and suppliers; changes in consumer preferences and
demand; changes in laws and regulations, political conditions or
industry development; global economic and capital markets
conditions, such as inflation, market uncertainty, interest and
currency exchange rates, and equity and commodity prices; business
or supply disruptions; security threats, such as acts of sabotage,
terrorism or war, including the ongoing conflict between
Russia and Ukraine; weather events and natural disasters;
and disruptions in Dow's information technology networks and
systems; and risks related to Dow's separation from DowDuPont Inc.
such as Dow's obligation to indemnify DuPont de Nemours, Inc.
and/or Corteva, Inc. for certain liabilities.
Where, in any forward-looking statement, an expectation or
belief as to future results or events is expressed, such
expectation or belief is based on the current plans and
expectations of management and expressed in good faith and believed
to have a reasonable basis, but there can be no assurance that the
expectation or belief will result or be achieved or accomplished. A
detailed discussion of principal risks and uncertainties which may
cause actual results and events to differ materially from such
forward-looking statements is included in the section titled "Risk
Factors" contained in the Company's Annual Report on Form 10-K for
the year ended December 31, 2022 and
the Company's subsequent Quarterly Reports on Form 10-Q. These are
not the only risks and uncertainties that Dow faces. There may be
other risks and uncertainties that Dow is unable to identify at
this time or that Dow does not currently expect to have a material
impact on its business. If any of those risks or uncertainties
develops into an actual event, it could have a material adverse
effect on Dow's business. Dow Inc. and TDCC assume no obligation to
update or revise publicly any forward-looking statements whether
because of new information, future events, or otherwise, except as
required by securities and other applicable laws.
About Linde
Linde is a leading global industrial gases and engineering
company with 2022 sales of $33
billion. We live our mission of making our world more
productive every day by providing high-quality solutions,
technologies and services which are making our customers more
successful and helping to sustain, decarbonize and protect our
planet.
The company serves a variety of end markets such as chemicals
& energy, food & beverage, electronics, healthcare,
manufacturing, metals and mining. Linde's industrial gases and
technologies are used in countless applications including
production of clean hydrogen and carbon capture systems critical to
the energy transition, life-saving medical oxygen and high-purity
& specialty gases for electronics. Linde also delivers
state-of-the-art gas processing solutions to support customer
expansion, efficiency improvements and emissions reductions.
For more information about the company and its products and
services, please visit www.linde.com.
For further information, please contact:
Kyle
Bandlow
989.638.2417
kbandlow@dow.com
Twitter: https://twitter.com/DowNewsroom
Facebook: https://www.facebook.com/dow/
LinkedIn: http://www.linkedin.com/company/dow-chemical
Instagram: http://instagram.com/dow_official
1 With respect to scope 1 and 2 carbon dioxide
emissions.
®™ Trademark of The Dow Chemical
Company ("Dow") or an affiliated company of Dow
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SOURCE The Dow Chemical Company