Accurate affiliate income was $0.19 higher due to the contribution of the second phase of the Jazan project and positive results from other unconsolidated joint ventures across the region. The remaining items including non-controlling interest, interest expense, and the tax rate together had a modest negative $0.03 impact. Now please turn to Slide 15. We remain committed to maintaining our current targeted A/A2 rating. And with our strong cash flow and additional debt leverage, we estimate that we can put more than $30 billion to work over the next 10 years. Today, we have a backlog over $19 billion with approximately $15 billion of projects focused on the energy transition. We believe that investing in these high return projects is the best way to create long-term shareholder value.
Now to begin the review of our business segment results, I’ll turn the call to Dr. Serhan.
Samir Serhan: Thank you, Melissa. Given our first [ph] fourth quarter, we again saw broad based improvements across our businesses. Profits were favorable in four out of our five segments compared to the previous year. Please turn to Slide 16 for a review of our Americas segment results. Compared to last year, merchant price improved 10%, which corresponded to a 4% improvement for the overall region. Volumes grew 3% due to a strong demand for hydrogen. EBITDA of just over $600 million improved 17% driven by strong price, volume and equity affiliate income while partially offset by higher cost. EBITDA margin of 44.5% jumped more than 1100 basis points. About two thirds of the margin improvement was driven by lower energy cost pass-through.
Sequentially, EBITDA increased 6% mainly on better hydrogen volume. Now please turn to Slide 17 for a review of our Asia segment results. Compared to last year, Asia volumes were negatively impacted by slower economic recovery in China, a weak electronics market and one-time opportunities that benefit last year results. Despite these volume headwinds, our teams maintained focus on price. EBITDA and margin were down primarily due to the unfavorable volumes. Sequentially price and volume were flat. However, EBITDA declined primarily due to unfavorable business mix. Please turn to Slide 18 for a review of our Europe segment results. Compared to last year, our costs subsided while merchant pricing remained stable. Strong volumes in our onsite business were offset by weaker demand for merchant products resulting in flat volumes for the segment overall.
EBITDA was up 15%, driven by the lower power cost and stronger currencies against the U.S. dollar which more than compensated for the other cost increases. EBITDA margin was 1000 basis points higher, approximately two thirds of which was due to the impact of lower energy cost pass-through. Sequentially, the region’s EBITDA was relatively flat as higher volume was offset by unfavorable price and costs. Like we mentioned before, we brought the new project in Uzbekistan on stream last month earlier than previously anticipated. We expect this project to gradually ramp up and significantly contribute to growth in this segment going forward. Now please turn to Slide 19. Before we move on to the next roboting segment, I would like to take this opportunity to highlight the recently announced largest blue hydrogen project in Europe.
Blue hydrogen project is being developed in conjunction with Porthos CO2 Transport and Storage project in the Port of Rotterdam. But we have an extensive hydrogen pipeline network. Porthos will transport the CO2 emission from participating industrial companies and sequester them in depleted gas fields in the North Sea. Air Products will build, own and operate the carbon capture and CO2 treatment facility which will allow us to capture the emissions from our existing hydrogen facility as well as the customer refinery. The resulting low carbon hydrogen produce will be supplied to Exxon Mobil under a long-term off-take agreement. European regulations are supportive of low carbon projects. We have secured additional support from the Dutch Government.
We expect the project to be on stream in 2026. Now please turn to Slide 20 for a review of our Middle East and India segment. Compared to last year, sales were lower due to lower volume. The second phase of the design project, which closed in mid-January of this year, added to equity affiliate income and it drove the region’s overall results. Now please turn to Slide 21 for our Corporate and Other segment results. This segment includes our sale of equipment businesses as well as our centrally managed functions and corporate costs. The sales and profit for this segment improved this quarter primarily due to higher LNG sale of equipment activities. We continue to have robust discussions with customer interested in our LNG technology and equipment.
We were pleased to announce a significant and new project involving sale of equipment in Malaysia last week adding to our already robust project pipeline. Echoing Seifi and Melissa, the outstanding result this quarter again demonstrate the strength of our businesses. I also would like to thank our teams around the world for their hard work and commitment. I would like now to turn the call back to Seifi to provide his closing remarks.
