Air Products and Chemicals (NYSE:APD)
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3 Months : From Oct 2019 to Jan 2020
By Stephen Nakrosis
Air Products & Chemicals Inc. (APD) on Wednesday said Air Products Qudra signed a memorandum of understanding with the Royal Commission for Jubail and Yanbu in Saudi Arabia to establish facilities in the Kingdom.
Under the MOU, Air Products Qudra will "establish world-class industrial gas production facilities and distribution networks in the industrial cities of Royal Commission."
Projects will include establishment of a hydrogen fueling economy, introducing new technologies to convert low-value feedstocks into high-value products and establishing a helium recovery network.
Dr. Samir Serhan, chairman of Air Products Qudra and EVP 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."
Air Products saidL "Air Products Qudra is a regional development and investment joint venture between Air Products and Qudra Energy, a subsidiary of Vision Invest, and in partnership with the Saudi Arabian General Investment Authority."
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(END) Dow Jones Newswires
November 06, 2019 18:33 ET (23:33 GMT)
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