Mitsubishi Corporation and Exxon Mobil Corporation have entered into a Project Framework Agreement for a joint initiative in Baytown, Texas, to produce virtually carbon-free hydrogen and low-carbon ammonia. This partnership focuses on addressing the growing demand for low-carbon energy sources, particularly in Japan's industrial sector. The agreement includes discussions on Mitsubishi Corporation's offtake of low-carbon ammonia and potential equity participation in the project. The facility, set to be the largest of its kind globally upon completion, is expected to start operations in 2029, pending final investment decisions in 2025. It aims to produce up to 1 billion cubic feet daily of low-carbon hydrogen and over 1 million tons of low-carbon ammonia annually, contributing significantly to reducing carbon emissions. The project's success is contingent on favorable government policies and regulatory approvals. Mitsubishi Corporation plans to repurpose part of its LPG terminal as an ammonia terminal to facilitate the supply of low-carbon ammonia to various industries in Japan, with a vision to handle around 1 million tons per year by 2030. Collaborations with Idemitsu Kosan Co.,Ltd. for equity and ammonia offtake, as well as the establishment of a 'Council for utilizing Namikata Terminal as a Hub for introducing Fuel Ammonia,' further highlight Mitsubishi Corporation's commitment to advancing environmental sustainability. Through this partnership, ExxonMobil and Mitsubishi Corporation aim to play a pivotal role in accelerating the transition of hard-to-abate sectors towards cleaner energy sources, promoting global environmental sustainability.