Praxair Signs Long-Term Supply Contract in South Korea
September 26 2016 - 8:30AM
Business Wire
Praxair, Inc. (NYSE: PX) announced it has signed a long-term
contract to supply industrial gases to Hyundai Oilbank (Hyundai), a
leading oil refining company in South Korea. Hyundai has more than
a 50-year history producing gasoline and propylene in South Korea,
and is capable of processing 390,000 barrels per day of crude oil
and other feedstock.
Praxair will build, own and operate four vacuum pressure swing
adsorption (VPSA) plants that will supply a combined 750 tons per
day (TPD) of oxygen to Hyundai, which is located at Daesan
petrochemical complex on the west coast of the Korean peninsula.
The VPSAs are expected to start up in 2017.
Praxair’s small on-site plants have been developed through more
than 50 years of research, know-how and field-tested operating
experience. The company was the first to develop VPSA technology
and is the leader in VPSA applications for oxygen production.
Praxair has installed approximately 20,000 TPD of VPSA capacity
globally and currently has over $100 million committed to small
on-site plants under construction around the world with scheduled
start up dates in the next 12 to 18 months.
“Praxair is proud to have been selected by the leading refinery
company in the Daesan petrochemical complex,” said S.B. Seo,
president of Praxair Korea. “Praxair will work closely with Hyundai
Oilbank, supporting the company’s growth in the oil refinery
industry. This project also expands our presence in the region and
lays the groundwork for our continued growth.”
About Praxair
Praxair, Inc., a Fortune 300 company with 2015 sales of $11
billion, is a leading industrial gas company in North and South
America and one of the largest worldwide. The company produces,
sells and distributes atmospheric, process and specialty gases, and
high-performance surface coatings. Praxair products, services and
technologies are making our planet more productive by bringing
efficiency and environmental benefits to a wide variety of
industries, including aerospace, chemicals, food and beverage,
electronics, energy, healthcare, manufacturing, primary metals and
many others. More information about Praxair, Inc. is available at
www.praxair.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160926005020/en/
Praxair, Inc.Media:Jason Stewart, 203-837-2448orInvestor:Juan
Pelaez, 203-837-2213
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