LEHIGH VALLEY, Pa.,
July 24, 2019 /PRNewswire/ -- Air
Products (NYSE: APD), a world-leading industrial gases company,
today announced it has recently completed the buyback of two air
separation units (ASUs) from Shanxi Jinmei Huayu Coal Chemical Co.
Ltd. (Jinmei Huayu), a subsidiary of China's coal mining conglomerate Shanxi
Jincheng Anthracite Coal Mining Group. Air Products has also
started supplying since the end of June oxygen, nitrogen and other
industrial gases via pipeline under a long-term supply agreement to
Jinmei Huayu's major coal-to-clean fuels project in Jincheng City,
Shanxi Province, China.
Air Products' latest asset buyback and long-term gas supply for
Jinmei Huayu mark another important milestone in Air Products'
gasification strategy and continued support for the development of
China's clean energy industry.
Air Products supplied two ASUs—with a total capacity of over
4,000 tons per day—for Jinmei Huayu's Phase One energy project in
Jincheng, which uses coal to produce one million tons of clean
fuels annually. The two companies then actively explored further
cooperation opportunities and later signed an agreement for Air
Products to buy back the two ASUs for approximately $100 million and provide Jinmei Huayu with
long-term, safe and reliable industrial gas supply.
Air Products Executive Vice President Dr. Samir Serhan said, "We are very pleased to
have successfully completed the ASU buyback and provide our safe
and reliable industrial gas supply to Jinmei Huayu for its
significant coal-to-clean energy project. We truly appreciate our
customer's trust in Air Products' world-class capabilities and look
forward to further deepening our cooperation with one of
China's leading energy groups on
coal gasification."
Jinmei Huayu General Manager Niu Hongkuan said, "Jinmei Huayu
and Air Products share a common vision for a better world,
which has brought the two companies together. Air Products'
experience and leading position in technology, talents, safety
management and many other areas are crucial to the success of
this important project, which will serve as the foundation for our
broader and deeper cooperation in the future."
Leveraging its state-of-the-art large ASUs, leading gasification
technologies and equipment, and safe and reliable gas supply, Air
Products has been investing in high-quality and strategic coal
gasification projects in China to
support the country's ongoing transformation and upgrade of the
coal chemical industry that targets products with higher
added-value and sustainability. The latest project follows the
company's major investment with Lu'An in Changzhi,
Shanxi Province.
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