BP to Develop Hydrogen Facility at Its Castellon Refinery in Spain

BP (BP.L) said on Tuesday it has given the green light to development of a green hydrogen facility at its Castellon refinery in Spain.

The British energy firm also said it was preparing to take a final investment decision (FID) regarding a 100 megawatt (MW) green hydrogen project in Germany by year end.

Both projects could potentially create sustainable aviation fuel and green hydrogen for customers while helping BP decarbonize, BP added.

The announcements come after the London-listed company reported a second-quarter profit of $2.76 billion, beating expectations, and increased its dividend.

BP's decision to develop hydrogen projects follows rival Shell (SHEL.L) which said last week it would go ahead with a hydrogen project at its German refinery.

(Reporting by Arunima Kumar and Ron Bousso; Editing by Jason Neely)