And it is a significant project. You don’t want to disclose the exact amount because of the NDAs that we have. But it is not a $10 million project, but it’s not a $2 billion project either, but it’s a substantial amount of capital. Dr. Serhan, do you want to add in?
Samir Serhan: Again, it’s really emphasizing no additional hydrogen. It’s just really converting a gray hydrogen to blue hydrogen, and again, with full support of the Dutch government for low carbon and hydrogen.
John Roberts: And on the volume weakness in China, could you peel apart syngas versus electronics versus merchant boxline [ph]?
Seifi Ghasemi: John, that is a very, very good question. I’ve been trying to get a handle on that myself, which is not that easy, but where the weakness is. But there is obviously weakness in the electronics, but there is a weakness in the fundamental Chinese economy and we are beginning to see that. So I don’t want to go through all of the details of the breakdowns, but we are seeing a general weakness. And hopefully, that trend will change, but that — despite that, we are giving you the guidance that we are giving you, because we are saying that if the Chinese economy doesn’t develop as well as it should, then what we will take additional productivity measures to make sure we deliver the guidance that we have given.
John Roberts: Great. Thank you.
Seifollah Ghasemi: Thank you, John.
Operator: [Operator Instructions] We’ll hear next from Vincent Andrews from Morgan Stanley.
Vincent Andrews: Thank you and good morning. Seifi, I wanted to follow up on Louisiana in two ways. One, it sounds like some of the incremental CapEx will be spent now, but the benefits won’t necessarily accrue to the company at the time the first phase starts up. So, I just want to understand, you’ll have $7 billion of total CapEx spent when the project starts up. And traditionally, we think of your return coming to the company in that first year. Will you not get the full – would you not get the return on the full $7 billion of CapEx when you start up? Or you have to wait until Phase 2 to get some of the return on some of the infrastructure and real estate spend that you’re doing incrementally?
Seifi Ghasemi: Vincent, excellent question. We are not going to leave any money on the table. We are going to price the product in such a way that we get double-digit return on the project on the $7 billion right from the start.
Vincent Andrews: And then secondly, if I – go ahead.
Seifi Ghasemi: No, no, after you.
Vincent Andrews: Okay. And then secondly, I wanted to ask about your Canadian project. I believe your – one of your off-take partners is also constructing a facility up there in part to use your product. And I believe that at an investor event earlier in September, where that project might be delayed. If that project is delayed, how does that impact Air Products economics and their ability to market their own product?
Seifi Ghasemi: Well, the way I would like to answer that is that first of all, we are committed to meeting the requirements of our customer. So whenever our customers comes on stream, we will have our plans ready for them. They are a very valued customer. You know who they are, Exxon, and they are one of our largest customers, and we have a lot of respect for them. And we worked with them very closely. In terms of if they are delayed, then we are ready not 100% of the product is going to them. We have other customers that we believe will be taking the product on time. We have a liquid hydrogen plant that we are going to feed. Therefore, we would expect that the effect on products would not be that material.
Vincent Andrews: Thank you very much for all the details. I appreciated.
Operator: We’ll hear next from David Begleiter from Deutsche Bank.
Unidentified Analyst: Hi good morning. This is Steve Huang [ph] here for Dave. I guess, on the major project slide, are there any other material changes on other projects in terms of project cost and the time line that you haven’t updated? And also, I guess, on project costs, if I think about the cost inflation on Louisiana project, that’s about 20%. Why shouldn’t that be the case for other projects that you have in your pipeline?
Seifi Ghasemi: Well, first of all, with respect to other projects, there is no material change in the profitability of those projects that we want to bring to your attention now. And as I said in my call, with some of these bigger projects as we go forward in our earnings calls, we give you more detail about the different projects. The second thing is that if you take a look at the inflation thing, we — one of the biggest projects we are executing was Jazan. That is already done. The next project, a big project was NEOM. We have already given you the capital for that, and we don’t expect any significant inflation on that. That is in our backlog. Vidara [ph], we gave you the numbers right now. The projects that we are doing, the other projects that we are doing are in such a way that the return is connected to the capital. So even if the capital goes up, the return doesn’t go down. So there is nothing that material to report at that stage.
Unidentified Analyst: Okay. Thanks. Yes. And then in F Q1, European pricing was down 1%. Is there any specific competitive dynamic that resulted in that 1% decline because I don’t think you have a decline in pricing for a long time. And I think your peer is still seeing some price increase in Europe F Q4. Can you just talk about what’s causing that and then your expectation on pricing in Europe and then just in general for next year?
Seifi Ghasemi: Well, I would obviously love to answer your question in detail. But you know that we do have a very strong policy and we adhere to that. All of us at adhere to that. We do not talk about forward-looking on price. That is not appropriate in our industry, and we can talk to you about what has happened in the past, but we do not have any opinion or any suggestions about what is going to happen in the future. And so my apologies, I will not be able to answer that question following our policy and my Chief Legal Officer is nodding, he said that I’m doing the right thing.
