LEHIGH VALLEY, Pa.,
Dec. 15, 2017 /PRNewswire/ -- Air
Products (NYSE: APD), a world-leading industrial gases company,
today announced it has signed an agreement with a subsidiary of
Shanxi Jincheng Anthracite Coal Mining Group, China's leading coal mining conglomerate, for
the supply of industrial gases to Phase One of Shanxi Jinmei Huayu
Coal Chemical Co Ltd.'s (Jinmei Huayu's) coal-to-clean-fuels
project in Jincheng City, Shanxi
Province.
Previously, Air Products signed a sale of equipment agreement
with Jinmei Huayu to supply two air separation units (ASUs)—with a
total capacity of over 4,000 tons per day—for this project, which
uses coal to produce clean fuels.
Now, Air Products intends to buy back the two ASUs for
approximately $100 million and supply
industrial gases via pipelines to Jinmei Huayu under a long-term
supply agreement, subject to finalization of a buy-back agreement
and any government and regulatory approvals. The ASUs are expected
to be onstream in mid-2018.
Seifi Ghasemi, Air Products'
chairman, president and chief executive officer, and Li Hongshuang,
Party secretary and chairman of Shanxi Jincheng Anthracite Coal
Mining Group, witnessed the contract signing.
Ghasemi said, "We are delighted to deepen our cooperation with
one of China's leading energy
groups, Shanxi Jincheng Anthracite Coal Mining, on this significant
coal-to-clean energy project. This is another great example of our
strategic focus to deploy capital on high-quality industrial gas
projects for growth. Our valued customer has entrusted the ASU
operation and supply of safe and reliable industrial gases to us.
We appreciate their confidence in us and look forward to broader
cooperation with the group in future."
Li said, "Air Products is a leading global industrial gases
supplier and a most ideal partner for us. This strategic
cooperation leverages both parties' advantages and positions us
well for further development."
This agreement follows Air Products' recent major investments
with Lu'An in Changzhi, Shanxi
Province and Yankuang in Yulin, Shaanxi Province to support China's ongoing transformation and upgrade of
its coal chemical industry that targets products with higher
added-value and sustainability.
About Shanxi Jincheng Anthracite Coal Mining
Group
Shanxi Jincheng Anthracite Mining Group Co., Ltd.
(Jinmei Group) is an important, high-quality anthracite producer,
the largest CBM extraction and utilization group, the largest coal
chemical industry group and CMM-fired power group in China, and the most energetic coal mining
machinery manufacturing group in Shanxi
Province. Currently, Jinmei Group has 68 subsidiaries and 10
branches in 19 provinces, municipalities and autonomous regions, 72
cities and counties. In 2017, it ranked 476th among top global 500
companies and 108th among top China companies. In recent years, basing on
the resource advantages of Anthracite and CBM, Jinmei Group has
changed the mode of development actively, upgraded industry levels
steadily, and built the industrial pattern called "one focus four
directions," which takes the coal industry as the fundamental and
also develops Coal and CBM Co-mining, Coal and Chemical linkage,
Coal electricity integration and Coal equipment manufacturing. It
has formed the cross-regional, cross-industrial and cross-trade
modern integrated energy enterprise group.
About Air Products in China
Air Products was one of the first
multinational industrial gas companies to enter the China market when it set up its first plant in
Shenzhen in 1987. Following 30
years of continuous
growth and investment, it has today around 2,700 employees, about
70 entities and more than 140 production facilities in the country,
and continues to represent a key growth focus for Air Products.
Most recently, the company announced a signed agreement to form a
$1.3 billion joint venture,
significantly expanding its scope of supply serving Lu'An Mining
(Group) Co., Ltd.'s syngas-to-liquids production in Changzhi City,
Shanxi Province. It also signed an
agreement for a $3.5 billion
coal-to-syngas production facility to be built in Yulin City,
Shaanxi Province.
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 2017 sales of $8.2
billion from continuing operations in 50 countries and has a
current market capitalization of about $35
billion. Approximately 15,000 passionate, talented and
committed employees from a diversity of 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,
including finalization of all agreements and regulatory approvals.
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,
2017.
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SOURCE Air Products