New Industrial Gas Complex will be Air
Products' Second Build, Own and Operate Onsite Facility in
India
LEHIGH
VALLEY, Pa. and PUNE, India
and BARAUNI, India,
June 8,
2022 /PRNewswire/ -- Air Products (NYSE: APD), a
world leader in industrial gases and large-scale project
development, execution and operation, today announced the signing
of a long-term supply agreement with Indian Oil Corporation Limited
(IOCL), India's flagship national
oil company. Air Products will build, own and operate (BOO) a new
industrial gases complex supplying hydrogen, nitrogen and steam to
IOCL's Barauni Refinery in Bihar, India.
The new industrial gas complex will aid IOCL's capacity
expansion from six to nine million tonnes per annum producing
Euro-VI or BS-VI compliant gasoline and diesel at its Barauni
complex. The industrial gas complex will include the latest
generation multi-feed hydrogen production facility supplying 70,000
normal cubic meters per hour (Nm3/hr) of hydrogen as well as steam,
and a high-efficiency air separation unit producing 4,000 Nm3/hr of
nitrogen.
Air Products expects the new industrial gas complex for IOCL to
come onstream in 2024.
Air Products' chief operating officer Dr. Samir J. Serhan said, "We are honored to
work with IOCL, the largest petroleum refining company and largest
Public Sector Undertaking in India. As one of the fastest growing economies
in the world, our latest strategic investment in India will provide an efficient combination of
industrial gas production technologies, enabling IOCL to meet
ever-increasing transportation fuel demand. We look forward to
reliably supplying IOCL's industrial gas needs for decades to
come."
Juan Gonzalez, vice president,
Large Project Business Development, Air Products Middle East,
Egypt, Turkey and India, said, "We are proud to work with IOCL
as they look to significantly expand their operations at Barauni.
We look forward to bringing our global expertise, experience and
world-class engineering capabilities to this project."
Once completed, the Barauni project will be Air Products' second
BOO project in India, after the
Kochi Industrial Gas complex at BPCL's Kochi Refinery.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases
company in operation for over 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 low- and zero-carbon hydrogen
projects supporting global transportation and the energy
transition.
The Company had fiscal 2021 sales of $10.3 billion from operations in over 50
countries and has a current market capitalization of about
$55 billion. More than 20,000
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 or follow us on LinkedIn, Twitter,
Facebook or Instagram.
NOTE: Cautionary Note
Regarding Forward-Looking Statements
Air Products' 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, 2021. 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