BP plc (BP - Free Report) recently inaugurated the green hydrogen cluster of the Valencia area (HyVal) at its refinery in Castellón. The goal of this public-private collaborative arrangement, led by BP, is to produce green hydrogen at the refinery by 2030 using a staged electrolysis capacity expansion of up to 2 GW.
HyVal is likely to play a key role in decarbonizing the BP Castellón refinery’s operations. Green hydrogen will support the refinery’s sustainable operations by substituting its current use of ‘grey’ hydrogen generated from natural gas.
BP anticipates its biofuel output to triple by 2030, reaching an annual figure of 650,000 tons. Green hydrogen will also serve as a feedstock for the manufacturing of biofuels, notably sustainable aviation fuel (SAF). By 2030, BP might invest up to 2 billion Euros in the transformation of Castellón, which will include green hydrogen, biofuels and renewable energy.
The hydrogen production is expected to be rolled out in phases.The first, expected to be operational in 2027, will entail the building of electrolysis plant at Castellón refinery with a minimum 200MW capacity. The electrolysis plant would be expanded to attain a capacity of up to 2GW of net installed power in the second phase, which might be completed in 2030.
Strategic infrastructure and facilities, such as ports, wind and solar power production capacity, are already present in the Valencia region and could be vital to the growth of green hydrogen economy.
HyVal is a large-scale project, headed by BP. It involves enterprises from a range of regional industries as well as public organizations, research centers and training facilities. Once HyVal reaches its full potential, there might be up to 5,000 direct, indirect, and induced employment generation in the area.
By 2030, BP hopes to have a dominant position in the global green hydrogen market and generate 0.5-0.7 million tons of green hydrogen every year. Several green hydrogen initiatives are being advanced globally, notably in Australia, Germany and the UK.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) and CVR Energy (CVI - Free Report) both sporting a Zacks Rank #1 and PBF Energy (PBF - Free Report) carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2024.
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BP plc (BP - Free Report) recently inaugurated the green hydrogen cluster of the Valencia area (HyVal) at its refinery in Castellón. The goal of this public-private collaborative arrangement, led by BP, is to produce green hydrogen at the refinery by 2030 using a staged electrolysis capacity expansion of up to 2 GW.
HyVal is likely to play a key role in decarbonizing the BP Castellón refinery’s operations. Green hydrogen will support the refinery’s sustainable operations by substituting its current use of ‘grey’ hydrogen generated from natural gas.
BP anticipates its biofuel output to triple by 2030, reaching an annual figure of 650,000 tons. Green hydrogen will also serve as a feedstock for the manufacturing of biofuels, notably sustainable aviation fuel (SAF). By 2030, BP might invest up to 2 billion Euros in the transformation of Castellón, which will include green hydrogen, biofuels and renewable energy.
The hydrogen production is expected to be rolled out in phases.The first, expected to be operational in 2027, will entail the building of electrolysis plant at Castellón refinery with a minimum 200MW capacity. The electrolysis plant would be expanded to attain a capacity of up to 2GW of net installed power in the second phase, which might be completed in 2030.
Strategic infrastructure and facilities, such as ports, wind and solar power production capacity, are already present in the Valencia region and could be vital to the growth of green hydrogen economy.
HyVal is a large-scale project, headed by BP. It involves enterprises from a range of regional industries as well as public organizations, research centers and training facilities. Once HyVal reaches its full potential, there might be up to 5,000 direct, indirect, and induced employment generation in the area.
By 2030, BP hopes to have a dominant position in the global green hydrogen market and generate 0.5-0.7 million tons of green hydrogen every year. Several green hydrogen initiatives are being advanced globally, notably in Australia, Germany and the UK.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) and CVR Energy (CVI - Free Report) both sporting a Zacks Rank #1 and PBF Energy (PBF - Free Report) carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2024.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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