July 01, 2026 [Reuters]- Air Products has terminated its Louisiana Clean Energy Complex project and said it ​would record up to $2.9 billion in pre-tax charges in the ‌third quarter.

The industrial gases maker said on Tuesday a detailed review showed that the expected financial returns from the project would not meet its criteria.

Air Products was developing ​what it described as the world’s largest low-carbon energy complex in ​Louisiana with plans to produce blue ammonia for international buyers.

Shares of ⁠the company, which also discontinued a zero-carbon liquid hydrogen facility in ​Casa Grande, Arizona, and other smaller-scale projects supporting clean energy distribution, jumped 8.6% ​in morning trading.

Air Products said it did not expect cash expenditure related to the charges to exceed $925 million and anticipated lower cash spending after final settlements with third parties.

The ​exits were driven by challenging commercial conditions, project-specific economic factors, and slower-than-expected ​development in certain markets, largely hydrogen for mobility, the company said.

The Trump administration has ‌been ⁠pushing for an “energy dominance” agenda based on oil, gas, coal and nuclear, in a sharp departure from the green energy-focused policies under his predecessor, Joe Biden.

Separately, Air Products and Yara International ASA said they were finalizing a marketing ​and distribution agreement ​for renewable ammonia ⁠from the NEOM Green Hydrogen Project in Saudi Arabia.

“Originally, we had expected this deal to be finalized by now, ​although that was before war broke out in the ​Middle East, ⁠so we are not overly concerned by the apparent delay,” analysts at Vertical Research Partners said.

Late last year, the companies said Yara could acquire the LCEC ⁠project’s ​ammonia production and distribution assets.

Yara said on ​Tuesday it would not proceed with the planned acquisition and would instead reallocate capital to other ​U.S. ammonia investment opportunities.