05:10 AM EDT, 09/13/2024 (MT Newswires) -- Exxon Mobil ( XOM ) has signed a project framework agreement to sell a stake in its low-carbon ammonia facility in Baytown, Texas to Mitsubishi, the latter said Friday, without indicating the size or value of the stake under consideration.

The companies will discuss Mitsubishi's offtake of low-carbon ammonia from the facility and equity participation in the project.

A final investment decision on the project is expected in 2025 with anticipated startup in 2029, the company said.

Mitsubishi plans to convert part of its liquified petroleum gas terminal into an ammonia terminal for transshipment, which will then supply the low-carbon ammonia to various industrial applications in Japan.

The company also plans to partner with Idemitsu Kosan for joint equity and ammonia offtake from Exxon's Baytown facility.

Price: 111.25, Change: +0.02, Percent Change: +0.02