4.3.7Research and Development Expenses

Research and development expenses amounted to US$40 million (2023: US$37 million) and mainly relate to the internal projects for energy transition development costs, mostly related to emissionZERO^® and Digital transformation.

The amortization of development costs recognized in the statement of financial position is allocated to cost of sales when the developed technology is used through one or several projects. Otherwise, it is allocated to research and development expenses.