Air Products JV Signs MOU to Establish Facilities in Saudi Arabia

Date : 11/06/2019 @ 11:48PM
Source : Dow Jones News
Stock : Air Products and Chemicals Inc (APD)
Quote : 237.18  0.0 (0.00%) @ 12:00AM

Air Products JV Signs MOU to Establish Facilities in Saudi Arabia

Air Products and Chemicals (NYSE:APD)
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   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."

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

November 06, 2019 18:33 ET (23:33 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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