LEHIGH VALLEY, Pa.,
Sept. 9, 2019 /PRNewswire/
-- Air Products (NYSE: APD) today announced a new joint
venture (JV) with Debang Xinghua Technology Co., Ltd., a subsidiary
of Jiangsu Debang Chemical Industrial Group Co., Ltd. ("Debang
Group"), to build, own and operate a coal-to-syngas processing
facility in Xuwei National Petrochemical Park, Lianyungang City,
Jiangsu Province, China.
Air Products will own 80 percent of the JV, and Debang Group
will own 20 percent. The JV will own and operate the air separation
unit, gasification and purification assets under a 20-year contract
for a fixed monthly fee, supplying syngas to support Debang Group's
350,000 tons-per-year chemicals facilities. The project is expected
to be onstream in 2023.
In addition, Air Products will be the exclusive purchaser of
merchant liquid products from the JV facility, establishing a
strong supply position to serve the high-growth chemical,
opto-electronics and general manufacturing industries in the
Lianyungang area and key surrounding cities north of Jiangsu and south of Shandong in East
China.
Seifi Ghasemi, Air Products'
chairman, president and chief executive officer, said, "This new
project furthers our gasification growth strategy in the Xuwei
National Petroleum Park—one of seven national integrated oil
refining and petrochemical parks in China—while also creating new
merchant supply capability for us to serve a high density
manufacturing base in the region. We are honored to form this JV
with Debang Group to own and operate the gasification facilities
and supply the syngas that will enable Debang Group to produce
needed ammonia and other products for their customers."
Zhao Xiang Hai, Debang Group's
chairman, said, "This project is an important action for Debang
Group to follow 'China's East,
Central, and West Regional Cooperation Demonstration Zone'
strategy, accelerate the pace of scientific and technological
innovation, eliminate outdated production capacity, and build a
competitive and innovative green chemical enterprise group. This
project received strong support from the municipal government and
the Xuwei Park's management committee, and we believe this is only
the beginning. We look forward to our strong collaboration with Air
Products to provide quality, value, and high efficiency through
this strategic project."
Continuing its leadership in gasification projects, Air Products
most recently announced the completion of an asset buyback and
long-term gas supply agreement for Jinmei
Huayu's coal-to-clean fuels project in Jincheng City,
Shanxi Province, China. Additional large-scale,
multi-billion-dollar gasification projects include the Lu'An,
Jiutai and Yankuang Group projects in China, as well as the Jazan project in
Saudi Arabia.
About Air Products
Air Products (NYSE:APD) is a
world-leading industrial gases company in operation for over
75 years. The company provides industrial gases and related
equipment to dozens of industries, including refining, chemical,
metals, electronics, manufacturing, and food and beverage.
Air Products is also the world's leading supplier of liquefied
natural gas process technology and equipment.
The Company had fiscal 2018 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of about $50
billion. Approximately 16,000 passionate, talented and
committed employees from diverse backgrounds are driven by Air
Products' higher purpose to create innovative solutions that
benefit the environment, enhance sustainability and address the
challenges facing customers, communities, and the world. For more
information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release regarding important risk factors. Actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management,
including risk factors described in the company's Form 10K for its
fiscal year ended September 30,
2018.
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SOURCE Air Products