LEHIGH VALLEY, Pa.,
Oct. 27, 2021 /PRNewswire/
-- Air Products (NYSE: APD) today announced the completion of
the asset acquisition and project financing transactions for the
~$12 billion air separation
unit/gasification/power joint venture (JV) with Aramco, ACWA Power
and Air Products Qudra at Jazan, Saudi
Arabia.
Air Products will host an investor teleconference on
Thursday, October 28, 2021, at
8:30 a.m. USET to provide an update
on the project:
Air Products' Investor
Teleconference Details
The teleconference will be open to
the public and the media in listen-only mode by telephone and
Internet broadcast.
Live
teleconference: 313-209-7315
Passcode: 8428649
Internet broadcast/slides: Available on the Event
Details page on Air Products' Investor Relations
website.
Telephone replay:
888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 8428649
Available from 12:30 p.m. USET on
October 28, 2021 through 12:30 p.m. USET on November 4, 2021.
Internet replay: Available on the Event Details page on
Air Products' Investor Relations website.
About the $12 Billion Jazan
JV
The JV has purchased ASUs, gasification, syngas cleanup,
utilities and power assets from Aramco. The JV owns and operates
the facility under a 25-year contract for a fixed monthly fee, with
Aramco supplying feedstock to the JV, and the JV producing power,
steam, hydrogen and other utilities for Aramco.
Aramco, via its subsidiary Saudi Aramco Power Company, has a 20
percent share in the JV; Air Products 46 percent; ACWA Power 25
percent; and Air Products Qudra (a 51/49 JV between Air Products
and Qudra Energy) nine percent in the JV. Air Products' total
ownership position is 50.6 percent through 46 percent direct
ownership and 4.6 percent through Air Products Qudra.
The JV serves Aramco's Jazan Refinery, a megaproject to process
400,000 barrels per day of the crude oil to produce main products
such as ultra-light sulfur diesel, gasoline, and other
products.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company
in operation for 80 years. Focused on serving energy, environment
and emerging markets, the Company provides essential industrial
gases, related equipment and applications expertise to customers in
dozens of industries, including refining, chemical, metals,
electronics, manufacturing, and food and beverage. Air Products is
also the global leader in the supply of liquefied natural gas
process technology and equipment. The Company develops, engineers,
builds, owns and operates some of the world's largest industrial
gas projects, including: gasification projects that sustainably
convert abundant natural resources into syngas for the production
of high-value power, fuels and chemicals; carbon capture projects;
and world-scale carbon-free hydrogen projects supporting global
transportation and the energy transition.
The Company had fiscal 2020 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of approximately $65 billion. More than
19,000 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 airproducts.com or follow us
on LinkedIn, Twitter, Facebook,
or Instagram.
Cautionary Note Regarding Forward-Looking Statements:
This release contains "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 expectations and assumptions as of the date of this
release and are not guarantees of future performance. While
forward-looking statements are made in good faith and based on
assumptions, expectations and projections that management believes
are reasonable based on currently available information, actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors, including risk factors
described in our Annual Report on Form 10-K for the fiscal year
ended September 30, 2020.
Except as required by law, we disclaim any obligation or
undertaking to update or revise any forward-looking statements
contained herein to reflect any change in the assumptions, beliefs
or expectations or any change in events, conditions or
circumstances upon which any such forward-looking statements are
based.
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SOURCE Air Products