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BlueScope (BSL), Shell (RDS) to develop renewable hydrogen projects

By Mensholong Lepcha

01:57, 8 December 2021

Magnified BlueScope Steel logo on computer screen
BlueScope will work with Shell to develop renewable hydrogen projects at its Port Kembla Steelworks, Australia – Photo: Shutterstock

Australia-based steel producer BlueScope Steel will work with Shell Energy Operations to develop renewable hydrogen projects at its Port Kembla Steelworks in Australia.

BlueScope said the two companies signed a memorandum of understanding to design, build and operate a pilot-scale 10 megawatt renewable hydrogen electrolyser to test the use of green hydrogen in the blast furnace at BlueScope’s Port Kembla Steelworks.

“Hydrogen has the potential to play a key role in decarbonising hard-to-abate sectors, many of which are central to Australia’s economic and social development,” said Shell Australia chairman Tony Nunan.

BlueScope stock up

The deal also provides for BlueScope and Shell Energy Operations to collaborate with other organisations to develop a “hydrogen hub” in the Illawarra, the company said in a statement.

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Shell Energy Operations and BlueScope will explore options for hydrogen supply and offtake, renewable energy supply and hydrogen and electricity infrastructure.

Bluescope stock rose 2.5% to AUD21.71 on Wednesday.

Read more : Palladium passes gold in value as Asia use increases

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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