H2BE and INEOS have gone on to announce that they reached an agreement on preliminary commercial terms regarding the offtake of low-carbon hydrogen from H2BE with a bent to support Ineos Project ONE’s ambition to become the first zero-carbon steam cracker of Europe. With the construction of the Fluxys hydrogen pipeline from Ghent to Antwerp well under way, this agreement on offtake of low-carbon hydrogen serves as a commercial foundation for hydrogen that ENGIE and Equinor are going to produce for INEOS.
The agreement on offtake of low-carbon hydrogen will help promote a more comprehensive low-carbon ecological system in Belgium and has gained endorsement from the Flemish government as well as the EU. The H2BE project will encourage the decarbonization when it comes to Project ONE and may facilitate additional funding throughout the value chain, including possible advances when it comes to hydrogen production as well as infrastructure. At the same time, the captured CO2 from H2BE will assist in establishing the volumes required to facilitate future investment choices for a Belgian CCS hub.
It is well to be noted that low-carbon hydrogen is an essential means to reduce industrial emissions and promote the long-term competitiveness of the chemical sector of Belgium, in accordance with the VOKA-AKT Joint Declaration on the CCS value chain, which has been signed by the Flemish as well as Walloon regional governments.