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The Nobel Prize in Chemistry (Swedish Nobelpriset i kemi) is awarded annually by the Royal Swedish Academy of Sciences to scientists in the various fields of chemistry. It is one of the five Nobel Prizes established by the will of Alfred Nobel in 1895, awarded for outstanding contributions in chemistry physics, literature, peace, and physiology or medicine. This award is administered by the Nobel Foundation and awarded by a committee that consists of five members elected by The Royal Swedish Academy of Sciences. The first Nobel Prize in Chemistry was awarded in 1901 to Jacobus Henricus van 't Hoff, of the Netherlands, "for his discovery of the laws of chemical dynamics and osmotic pressure in solutions." The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. In 2007 the Nobel Prize in Chemistry was awarded to Gerhard Ertl (of Germany) "for his studies of chemical processes on solid surfaces"; he was awarded the prize amount of 10,000,000 SEK (slightly more than €1&_160;million, or US$1.4&_160;million). As of 2007, The Prize in Chemistry has been awarded to 150 individuals. The committee and institution serving as the selection board for the prize typically announce the names of the laureates in October. The prize is then awarded at formal ceremonies held annually on December 10, the anniversary of Alfred Nobel's death. "The highlight of the Nobel Prize Award Ceremony in Stockholm is when each Nobel Laureate steps forward to receive the prize from the hands of His Majesty the King of Sweden. ... Under the eyes of a watching world, the Nobel Laureate receives three things a diploma, a medal and a document confirming the prize amount" ("What the Nobel Laureates Receive"). Later the Nobel Banquet is held in Stockholm City Hall. A maximum of three laureates and two different works may be selected. The award can be given to a maximum of three recipients per year. It consists of a gold medal, a diploma, and a cash grant. The grant is currently approximately 10&_160;million&_160;SEK, slightly more than €1&_160;million (US$1.4&_160;million). Compared with some other prizes, the Nobel Prize nomination and selection process is long and rigorous, a key reason why it has become the most important prize in chemistry.
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