LEHIGH VALLEY, Pa.,
Nov. 6, 2019 /PRNewswire/
-- Royal Commission for Jubail and Yanbu and Air Products
Qudra signed a Memorandum of Understanding (MOU) to establish
world-class industrial gas production facilities and distribution
networks in the industrial cities of Royal Commission.
The MOU sets preliminary framework details for Air Products
Qudra to establish a hydrogen fueling economy in the Kingdom,
achieve higher values for off-gases, introduce new technologies to
convert low-value feedstocks into high-value products, establish a
helium recovery network, and expand the carbon-dioxide capture and
re-use economy in the Kingdom of Saudi
Arabia.
The MOU supports Royal Commission's strategy to promote direct
investments, diversify and enhance the Kingdom's economy, improve
the services to its clients to help improve their business
performance, and maximize localization within the Kingdom of Saudi Arabia.
Seifi Ghasemi, Chairman,
President and Chief Executive Officer for Air Products, said, "It
is an honor to collaborate with the Royal Commission to explore the
business case to invest, build, own and operate world-scale,
transformative industrial gas facilities at Jubail and further
support the creation of a world-leading downstream sector in
Saudi Arabia."
Mohammad A. Abunayyan, Chairman of Vision Invest & Qudra
Energy, said, "We are pleased about the collaboration with the
Royal Commission for Jubail and Yanbu as Air Products Qudra strives
to deliver world-class industrial gas infrastructure to Jubail and
Yanbu."
Dr. Samir Serhan, Chairman of Air
Products Qudra and Executive Vice President for Air Products, said,
"We have already started the plan to kick off our Phase 1
investments to build world-scale industrial gas production units
and distribution networks in Jubail. We look forward to bringing
our full suite of capabilities to these projects and supporting
essential sustainable energy production in these Industrial
Cities."
About Air Products Qudra
Air Products Qudra is a
regional development and investment joint venture (JV) between Air
Products and Qudra Energy, a subsidiary of Vision Invest
(previously ACWA Holding), and in partnership with the Saudi
Arabian General Investment Authority. Air Products is a
world-leading industrial gases company developing, engineering,
building, owning and operating many of the world's largest
industrial gas projects; Vision Invest is the largest private
owner/operator of power and water production assets in the
Middle East.
Formed following several years of partnership between its parent
companies, Air Products Qudra's mission is to bring world-class
technology, on-site solutions, and leading project execution and
operational leadership for large-scale energy and environmental
projects throughout the Middle
East region.
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