'BP Poised to Buy Macquarie's 15% Stake in Landmark $36Bn Green Hydrogen Project in Australia'
02.27.2024 By Tank Terminals - NEWS

February 27, 2024 [Hydrogen Insight]- Oil giant would become the majority shareholder in the Australian Renewable Energy Hub, one of the world’s largest renewable H2 projects.


Oil supermajor BP is set to acquire financier Macquarie’s 15.25% stake in the massive Australian Renewable Energy Hub (AREH), one of the world’s largest green hydrogen projects, according to The Sydney Morning Herald newspaper.

The ambitious project, being led by BP, would see 26GW of wind turbines and solar panels in northern Western Australia powering an estimated 14GW of electrolysers, producing 1.6 million tonnes of renewable H2 or nine million tonnes of green ammonia annually. The majority of the output would be exported to countries such as South Korea and Japan.

BP currently has a 48.32% equity stake in the $36bn, 6,500sq km project, which would rise to 63.57% if it were to buy out Macquarie.

The remaining shares in the AREH are owned by its original developers, independent producers InterContinental Energy (26.39%) and CWP Global (10.04%).

The project was first announced in 2017 as the Asian Renewable Energy Hub, which would export 6GW of wind and solar power to Indonesia through a long-distance cable. It later morphed into a green ammonia export project, and BP took an initial 40.5% stake in June 2022, before increasing its stake by buying shares from InterContinental and CWP.

A BP spokesman told The Sydney Morning Herald that it was “perfectly poised” to buy Macquarie’s stake, and that the project was making significant progress, but the Australian financier has not commented on the report.

BP CEO Murray Auchincloss told analysts in late 2022, when he was chief financial officer, that the project had several major challenges, including locking in customers and electrolyser suppliers, as well as securing a vast amount of debt financing.

Hydrogen Insight has approached BP and Macquarie for comment.


Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Oman Signs 10-Year LNG Supply Deal with Shell
04.17.2024 - NEWS
April 17, 2024 [Microsoft Start]- Oman LNG has signed a 10-year liquefied natural gas supply agre... Read More
Neuman & Esser to Build Green Hydrogen Plant in Chile
04.17.2024 - NEWS
April 17, 2024 [Gas Compression Magazine]- Neuman & Esser was awarded a contract from Empresa... Read More
Engie Buys Two Dutch Biogas Sites, Hunts for More
04.17.2024 - NEWS
April 17, 2024 [Reuters]- French energy company Engie (ENGIE.PA), opens new tab has acquired tw... Read More
Shell Named NanoVapor as Best Technology to Make a Tank Safe
04.17.2024 - NEWS
April 17, 2024 [Storage Terminals Magazine]- Shell Retail Engineering Network has recently implem... Read More