SHANGHAI, Jan. 5, 2021 /PRNewswire/ -- Air Products
(NYSE: APD) today announced it has signed a long-term gas supply
contract with Shandong Binhua New Material Co., Ltd. (Binhua), a
subsidiary of Befar Group which is a leading petroleum and chemical
enterprise in China, to support
Binhua's flagship chemical project located in the Beihai Economic
Development Zone of Binzhou City, Shandong Province, China.
Under the contract, Air Products will build, own and operate
several onsite gas production facilities in the Binzhou
Port-centered Chemical Industry Park in phases, including an
energy-efficient air separation unit (ASU), to meet Binhua's
gaseous oxygen and nitrogen demand. The ASU will also provide
liquid products to other customers in the park and the growing
merchant market in Shandong
Province. All facilities will be fully operational in
2022.
"Befar Group is one of the most influential chemical companies
in China. We are honored by the
trust our customer has placed in Air Products to support their
important project. We look forward to deepening the cooperation
with them as they accelerate their expansion plans and business
transformation," said Saw Choon Seong, China president at
Air Products. "We have already established a strong presence in the
strategic industry clusters in Shandong
Province. Our latest investment will further strengthen our
integrated gases supply position to support the rapid development
of this world-class park in Binzhou as well as the transformation
and upgrading of the chemical industry under China's 14th Five-Year
Plan."
"We are very pleased to work with such a world-leading
industrial gases company. The successful signing of this contract
gives us great confidence that our cooperation with Air Products
will continue to expand in the long run," commented Jiang Sen, President of Befar Group.
Taking advantage of Beihai Economic Development Zone's
industrial development, geographical location and natural
resources, the high-end Binzhou Port-centered Chemical Industry
Park has already attracted several major chemical companies,
including Binhua. Binhua's RMB 51.5
billion yuan (USD 7.5 billion)
two-phase propane and butane integrated utilization project
involves world-leading technologies and green production and will
comply with China's latest
environmental regulations. Air Products' highly energy-efficient
facilities will supply reliable gases to this project for producing
a variety of chemical materials for use in high-growth new
materials and new energy products.
Air Products has been operating in China since 1987 and was one of the first
multinational industrial gases corporations to invest in the
country. With nearly 90 operating entities, over 200 production
facilities and more than 4,000 employees, the company has already
established a strong market position across China and serves a broad range of industries.
In Shandong Province, Air Products
has built a strong presence and supply network since its first
investment in 1995, comprising several operating entities,
production facilities, hydrogen fueling stations and engineering
design capability.
About Air Products
Air Products (NYSE:APD) is a
world-leading industrial gases company in operation for 80 years.
Focused on serving energy, environment and emerging markets, the
Company provides essential industrial gases, related equipment and
applications expertise to customers in dozens of industries,
including refining, chemical, metals, electronics, manufacturing,
and food and beverage. Air Products is also the global leader in
the supply of liquefied natural gas process technology and
equipment. The Company develops, engineers, builds, owns and
operates some of the world's largest industrial gas projects,
including: gasification projects that sustainably convert abundant
natural resources into syngas for the production of high-value
power, fuels and chemicals; carbon capture projects; and
world-scale carbon-free hydrogen projects supporting global
transportation and the energy transition.
The Company had fiscal 2020 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of about $60
billion. More than 19,000 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 or follow us on LinkedIn, Twitter,
Facebook or Instagram.
About Befar Group
Befar Group is a Top 500 Chinese
Petroleum and Chemical Enterprises. Founded in 1968, and put into
production in 1970, through fifty years' entrepreneurship,
innovation and breakthroughs, Befar Group has grown into a
comprehensive chemical enterprise with outstanding main industry
and complete industrial chain which covers salt chemical,
petrochemical, fine chemical, thermal power, port warehousing and
financing etc. Befar Group's products have been sold to more than
100 countries and regions in the world.
In 2019, the total assets of Befar Group accumulated to
20.596 billion RMB, sales revenue
reached 31.850 billion RMB, profits
and taxes reached 2.61 billion RMB,
total profits reached 0.747 billion
RMB.
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,
2020.
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SOURCE Air Products