Air Products & Chemicals Inc (APD): NEOM Project Execution Faces Trade and Geopolitical Headwinds
Geopolitical risk remains a central focus as Air Products progresses on the NEOM Green Hydrogen Project, which is now 80% complete. While solar and wind infrastructure is about 80% to 90% finished, management warned that potential 25% tariffs on imported industrial components could impact the final costs of U.S.-based hydrogen assets. Furthermore, the company’s reliance […]
“Geopolitical risk remains a central focus as Air Products progresses on the NEOM Green Hydrogen Project, which is now 80% complete. While solar and wind infrastructure is about 80% to 90% finished, management warned that potential 25% tariffs on imported industrial components could impact the final costs of U.S.-based hydrogen assets. Furthermore, the company’s reliance […]
admin · January 30, 2026
Geopolitical risk remains a central focus as Air Products progresses on the NEOM Green Hydrogen Project, which is now 80% complete. While solar and wind infrastructure is about 80% to 90% finished, management warned that potential 25% tariffs on imported industrial components could impact the final costs of U.S.-based hydrogen assets.
Furthermore, the company’s reliance on Middle Eastern equity affiliates, which contributed a flat $85 million this quarter, exposes it to regional volatility. Management continues to monitor Carbon Border Adjustment Mechanisms (CBAM) in Europe, which may alter the export economics of green ammonia produced at its international sites.