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Air Products (APD) is the world's largest hydrogen supplier and a major industrial gases company, producing and distributing hydrogen, oxygen, nitrogen, argon, helium, and CO₂ via on-site plants, merchant supply, and pipeline networks.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Air Products' 2026-06-30 release says it 'finalized' a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project; Yara's same-day release says it is 'finalizing' it. Volumes, price and term are not disclosed. CORRECTION: the 2025-12 proposed Louisiana Clean Energy Complex offtake (~80% of low-carbon hydrogen, 25 years) previously recorded here was cancelled on 2026-06-30 -- both companies announced they will not proceed.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 1 of its 7 materials — a restriction on those is a tailwind, not a headwind.
As a buyer, policy pressure across its consumed materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇺🇸 US accounts for 42% of severity-weighted pressure.