Exxon Mobil Corp. and Mitsubishi Corp. have entered talks for potential equity participation of the Japanese company in ExxonMobil's low-carbon hydrogen project in Texas. The agreement, part of the Project Framework Agreement, also includes a potential offtake partnership by Mitsubishi from the proposed facility at ExxonMobil's Baytown complex. Mitsubishi plans to involve Idemitsu Kosan Co. Ltd. in the project as an equity and offtake partner. The project, expected to be the world's largest low-carbon hydrogen production plant, is intended to produce up to one billion cubic feet of hydrogen per day. Mitsubishi aims to utilize the hydrogen supply in Japan's industrial sector and convert part of its LPG terminal into an ammonia terminal to supply low-carbon ammonia to various industries. ExxonMobil targets a final investment decision in 2025 and plans to have the project operational by 2029, delivering low-carbon intensity energy with high operating standards. Over 98 percent of the project's CO2 emissions are planned to be captured for permanent sequestration. The collaboration with Mitsubishi is viewed as a step towards developing low-carbon hydrogen and ammonia supply chains connecting the U.S. and Japan, with a focus on facilitating the transition to clean energy in hard-to-abate sectors. Both companies aim to accelerate decarbonization and meet the increasing demand for low-carbon hydrogen and ammonia.