Mike Sison: Hi, good morning guys. Yes, just one question, when you think about 2024 or next year. How much earnings growth, you get some projects that are coming on-stream. And this CapEx go up next year because of you have such a big backlog of growth projects.
Seifi Ghasemi: In terms of 2024, and what comes from there, I would – I appreciate if you have some patience and we will disclose that to you in – at the end of October, obviously. I don’t want to get ahead of ourselves. But in terms of our CapEx, our expectation today is that our CapEx next year will be approximately $5 billion to $5.5 billion, the same as this year. That is based on what we know today. Okay, Mike?
Mike Sison: Understood. Yes, thank you. Thanks.
Seifi Ghasemi: Thank you.
Operator: Our next question comes from Josh Spector with UBS. Please go ahead.
Josh Spector: Yes. Hi. Thanks for taking my question. Just first on the Canada Blue Hydrogen project, just the slide that you updated on the backlog, maybe has a little bit less of a discreet timing elements out there. Do you still expect that in 2024, and I guess, fiscal ’24 for you guys or has anything changed there? And same thing with the SAP project, has that moved from 2025 to 2026, or is the timing relatively unchanged?
Seifi Ghasemi: Well – I’d just like to – with respect to the project in Canada, as Dr. Serhan said, that project when it comes onstream, we are committed to process and supply hydrogen to IOL. So we can only do that when their plant comes onstream. But in addition to that, we do have our pipeline, we do have existing customers, who would use hydrogen, and they are increasing their demand for hydrogen. So we have the option of putting that into our pipeline. So we have a lot of different options in terms of how we help – we’re going to deal with that. Dr. Serhan you want to make additional comments?
Samir Serhan: No, over the year.
Seifi Ghasemi: Yes. You’re okay with this?
Samir Serhan: Yes.
Seifi Ghasemi: So that’s where we’re with that. Okay?
Josh Spector: Yes. I guess how about the SaaS plant? And just my follow-up, I guess, on Canada would just be are you looking about the returns there as being the three-year post grant number. So the $1.2 billion or $1.6 billion. What are you basically returns off of?
Seifi Ghasemi: The project costs that we have disclosed includes the brand. Correct. That means the net is – that number that we have given you minus the CAD 475 million that we will get from the Canadian government. We have given you the gross number.
Josh Spector: The $1.6 billion minus the $475 million.
Seifi Ghasemi: Exactly. And then with respect to the Sat plant, the Sat plant we are working on that. It is in California – and we are at the mercy of exactly when the permit will get issued. We have the air permit and all of that, but now we are working on getting the actual construction permit so that then we can start working on that project. The dates that we have given you is the best estimate that we have at this time, but that is subject to the issuance of the permit by the state of California or when we can actually start construction. Again, Dr. Serhan, any additional comments on that?
Samir Serhan: The visibility we have, and we expect that by the end of the year, that we will get the construction permits. But again, it really will depend on the officials and the state of California. Okay.
Josh Spector: Yes. Thanks. But just what I was asking on the Canada project was more the basis of what the returns are off. So the 10% pretax return, is that based on the net number or the gross number?
Seifi Ghasemi: It’s – Melissa, do you want to answer that?
Melissa Schaeffer: Absolutely. So yes, thank you for the question. So there’s two components of the grant. The first component is a capital grant that we are getting from the government. The second component is around a production credit. But for your specific question around where you should expect to take our normal run rate of return, it’s associated to the net number, the CAD 1.1 billion that we have listed on the project side.
