Air Products cancels LCEC as Yara goes grey

Air Products and Yara have cancelled the Louisiana Clean Energy Complex, effective 30 June 2026. Capex had ballooned from $4.5bn to $8–9bn, no binding offtake had been secured, and a CO₂ storage solution remained unresolved. Rather than pursue an alternative blue ammonia route, Yara has acquired Gulf Coast Ammonia for $1.3bn — an operational, unabated asset. This Insight examines the deal's collapse and what Yara's pivot reveals about where ammonia buyers see value today.