Air Products and PetroChina Joint Venture to Build Air Separation Unit in China
September 22 2009 - 3:36PM
PR Newswire (US)
Plant to Supply PetroChina Facility and Air Products' Merchant
Customers LEHIGH VALLEY, Pa., Sept. 22 /PRNewswire-FirstCall/ -- An
Air Products (NYSE:APD) joint venture company based in Sichuan,
China has signed an agreement to build an air separation unit (ASU)
for PetroChina Company Limited, one of the largest oil and gas
companies in the world. The ASU will supply oxygen and nitrogen to
PetroChina's main refinery and ethylene complex in Sichuan, as well
as produce liquid products for Air Products' merchant gases
customers in the Chengdu area. The ASU is to be on-stream in late
2011. "This is a key project for Air Products which allows us to
continue to grow both our on-site and merchant supply presence in
China. We appreciate the fact that PetroChina has put its trust in
Air Products to form a partnership and supply the industrial gases
to its new Sichuan refinery and ethylene complex," said Phil
Sproger, vice president-Business Development for Asia at Air
Products. Chengdu Air and Gas Products Co., Ltd., a joint venture
between Air Products' wholly-owned subsidiary, Prodair Corporation,
and PetroChina Sichuan Petrochemical Co., Ltd., a joint venture
between PetroChina Company Limited and Chengdu government, will
build the ASU in Sichuan province, China. The new ASU will be
designed and built primarily by Air Products' engineering center in
Shanghai and its cryogenic manufacturing center in Caojing, near
Shanghai. PetroChina, one of the companies with the biggest sales
revenues in China, plays a leading role in the oil and gas industry
in China as its largest oil and gas producer and distributor.
PetroChina was established as a joint stock company with limited
liabilities by China National Petroleum Corporation in 1999.
Sproger noted that this ASU fits well with Air Products' strategic
plan, and allows its merchant industrial gas business to continue
expanding in China. This announcement follows closely Air Products'
Sept. 10 announcement about plans to purchase and operate four
existing air separation units and build a new ASU, to be on-stream
in March 2011, to supply industrial gases to Xingtai Iron and Steel
Corporation, Ltd., one of China's largest specialty steel
manufacturers located in Hebei province, China. About Air Products
Air Products (NYSE:APD) serves customers in industrial, energy,
technology and healthcare markets worldwide with a unique portfolio
of atmospheric gases, process and specialty gases, performance
materials, and equipment and services. Founded in 1940, Air
Products has built leading positions in key growth markets such as
semiconductor materials, refinery hydrogen, home healthcare
services, natural gas liquefaction, and advanced coatings and
adhesives. The company is recognized for its innovative culture,
operational excellence and commitment to safety and the
environment. Air Products had fiscal 2008 revenues of $10.4
billion, operations in over 40 countries, and 21,000 employees
around the globe. For more information, visit
http://www.airproducts.com/. About PetroChina PetroChina is one of
the largest oil and gas companies in the world. PetroChina is
engaged in a broad range of oil and natural gas activities
including the exploration, development, production and marketing of
crude oil and natural gas; refining, transportation, storage and
marketing of crude oil and oil products; production and marketing
of primary petrochemical products, derivative chemical products and
other chemical products; and transportation of natural gas, crude
oil and refined products. Additional information on PetroChina is
available at the Company's website: http://www.petrochina.com.cn/.
***NOTE: This release may contain forward-looking statements.
Actual results could vary materially, due to changes in current
expectations. DATASOURCE: Air Products CONTACT: Media, (Asia),
Jessica Cheng, +1-852-2863-0585, , (U.S.), Art George,
+1-610-481-1340, , or Investors, Nelson Squires, +1-610-481-7461,
Web Site: http://www.airproducts.com/
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