LEHIGH VALLEY, Pa.,
Sept. 18, 2017 /PRNewswire/ -- Air Products (NYSE: APD)
today signed an agreement with Dhahran Techno Valley Company to
build and develop a world-class technology center to serve the
Kingdom of Saudi Arabia and
Middle East region.
"We are delighted and proud to be building this world-class
Industrial Gases technology center in the Kingdom of Saudi Arabia," said Seifi Ghasemi,
chairman, president and chief executive officer of Air Products.
Located in the prestigious Dhahran Techno Valley Science Park, the
center will serve as the cornerstone for industrial gas technology
and project development in Saudi
Arabia," he said.
Dr. Samir Serhan, Air Products' executive vice president, said,
"This investment by Air Products represents yet another example of
our company's strong commitment to the Kingdom of Saudi Arabia, both in terms of
investment in the country's future and in the development of its
people. Once complete, the center will become the hub through which
Air Products will provide technology expertise in support of new
opportunities for industrial gases in the region. The center will
deliver the latest technology from Air Products, focused on
providing improvements in process safety, energy efficiency,
reliability and operational excellence to serve our regional
customers."
"Air Products has worked in Saudi
Arabia since the 1970s and made long-term investments in the
country since 2012 in conjunction with our joint venture partners,"
added Richard Boocock, Air Products' president, Industrial
Gases—Middle East, India,
Egypt and Turkey. "Today, in conjunction with our
partners ACWA, Air Products is developing the world's largest
industrial gas complex to supply 75,000 metric tons per day of
oxygen and nitrogen to Saudi Aramco's power station and refinery in
Jazan, Saudi Arabia. The
technology center is our latest step in demonstrating our long-term
commitment to The Kingdom in developing local talent, technology
and industrial gas projects in Saudi
Arabia."
"Dhahran Techno Valley is a prominent destination for energy
research that fosters industry-academia partnerships while
remaining focused and committed to technology development and
innovation. Air Products represents an excellent addition to our
partner base and diversification strategy – moving from upstream to
downstream," said Dr. Khaled
Al-Sultan, chairman of Dhahran Techno Valley Company and
Rector of King Fahd University of Petroleum
and Minerals.
Air Products' new technology center is currently being designed
and is expected to be fully operational by 2019. As the company's
new technology center and primary base for technology support in
The Kingdom, the center will ultimately become a base for
collaboration with regional universities, as well as for supporting
all of Air Products' technical activities in the region.
During design and construction of the new center, Air Products
will base its operations from offices in Al Khobar.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases
company in operation for over 75 years. The Company's core
industrial gases business provides atmospheric and process gases
and related equipment to manufacturing markets, including refining
and petrochemical, metals, electronics, 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 2016 sales of $7.5
billion from continuing operations in 50 countries and has a
current market capitalization of approximately $30 billion. Approximately 16,000 employees are
making Air Products the world's safest and best performing
industrial gases company, providing sustainable offerings and
excellent service to all customers. For more information, visit
www.airproducts.com.
About Air Products in the Middle
East
Air Products has had a presence in the Middle East for more than 50 years through a
combination of wholly-owned businesses and joint venture
partnerships. A provider of liquefied natural gas cryogenic
technology to Oman and the rest of
the Gulf Co-operation Council, Air Products has built, owned, and
operated several air separation units and hydrogen production
plants throughout the Middle East
region. It operates a helium and cylinder gas filling and
distribution facility, as well as a specialty gases center in the
Jebel Ali Free Zone, UAE. The company's strategic joint
venture partnerships include: Abdullah
Hashim, Saudi Arabia; Ajwaa
Gases, Abu Dhabi, UAE; Ajwaa
Gases, Sohar, Oman; and Jazan Gas
Projects Company, Jazan, Saudi
Arabia.
About Dhahran Techno Valley Company
The Dhahran Techno
Valley Company (DTVC)—a wholly owned subsidiary of the King Fahd
University of Petroleum and Minerals
(KFUPM)—is a key driver of the Dhahran Techno Valley Ecosystem,
which was created to promote a knowledge-based economy in Dhahran
and in the Eastern Province. This ecosystem includes KFUPM,
national champions such as Saudi Aramco, SABIC and SEC, technology
partners and small-to-medium size enterprises.
NOTE: This release contains
"forward-looking statements" within the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, including
statements about opportunities and technological developments.
These forward-looking statements are based on management's
reasonable expectations and assumptions as of the date this release
is furnished. Actual performance and financial results may differ
materially from expectations reflected in the forward-looking
statements because of many factors not anticipated by management,
including, without limitation, regional economic conditions;
political risks, including the risks of unanticipated government
actions; acts of war or terrorism; the Company's inability to
protect and commercialize intellectual property; the Company's
inability to identify, recruit and retain personnel with requisite
skills and knowledge; disruption or compromise of our information
technology systems; the impact of changes in environmental, tax or
other legislation, economic sanctions and regulatory activities;
and other risk factors described in the Company's Form 10-K for its
fiscal year ended September 30, 2016.
The Company disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements
contained in this release to reflect any change in the Company's
assumptions, beliefs or expectations or any change in events,
conditions, or circumstances upon which any such forward-looking
statements are based.
EDITOR'S NOTE:
Downloadable photos from the signing
ceremony are available in Air Products' online News Center.
View original
content:http://www.prnewswire.com/news-releases/air-products-to-build-world-class-technology-center-as-its-central-hub-in-the-kingdom-of-saudi-arabia-300521148.html
SOURCE Air Products