Air Products and Chemicals (NYSE:APD)
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6 Months : From Jul 2019 to Jan 2020
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.
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(END) Dow Jones Newswires
September 09, 2019 12:25 ET (16:25 GMT)
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