By Colin Kellaher

Air Products & Chemicals Inc. (APD) on Monday said it formed a joint venture with Debang Xinghua Technology Co. that will invest about $250 million to build, own and operate a coal-to-syngas processing facility in Jiangsu Province, China.

Air Products said it will own 80% of the venture, which will own and operate the air-separation unit, gasification and purification assets under a 20-year contract for a fixed monthly fee, supplying syngas to support Debang Group's chemicals facilities.

Debang Xinghua, a unit of China's Jiangsu Debang Chemical Industrial Group Co., will own the remaining 20%.

Air Products, an Allentown, Pa., industrial gases company, said it expects the project will be onstream in 2023.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 09, 2019 12:25 ET (16:25 GMT)

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