Air Products, Aramco, ACWA Power and Air Products Qudra Complete Asset Acquisition and Project Finance Transactions for $ 12 Billion ASU / Gasification / Power Joint Venture in Jazan, Saudi Arabia
Air Products will host an investor call on October 28, 2021 at 8:30 a.m. USET. See details below.
LEHIGH VALLEY, Pennsylvania., October 27, 2021 / PRNewswire / – Air Products (NYSE: APD) today announced the completion of asset acquisition and project finance transactions for the ~ $ 12 billion air separation unit / gasification / electric joint venture (JV) with Aramco, ACWA Power and Air Products Qudra in Jazan, Saudi Arabia.
Air Products will host an investor conference call on Thursday, October 28, 2021, To 8:30 USET for an update on the project:
Air Products Investor Conference Call Details
The teleconference will be open to the public and media listen-only by telephone and webcast.
Live teleconference: 313-209-7315
Access code : 8428649
Internet broadcast / slides: Available on Event details on the Air Products Investor Relations website.
Telephone recovery: 888-203-1112 (national) or 719-457-0820 (international)
Access code : 8428649
Available from 12:30 p.m. USE the 28 October 2021 through 12:30 p.m. USE the November 4, 2021.
Internet replay: Available on Event details on the Air Products Investor Relations website.
About $ 12 billion JV Jazan
The joint venture purchased ASUs, gasification, syngas cleaning, utilities and power assets from Aramco. The joint venture owns and operates the facility under a 25-year contract for a fixed monthly rate, with Aramco supplying the feedstock to the joint venture and the joint venture producing electricity, steam, gas. hydrogen and other utilities for Aramco.
Aramco, through its subsidiary Saudi Aramco Power Company, owns 20 percent of the shares of the JV; Airline products 46 percent; ACWA Power 25 percent; and Air Products Qudra (a 51/49 joint venture between Air Products and Qudra Energy) nine percent in the joint venture. Air Products’ total stake is 50.6% through 46% direct ownership and 4.6% through Air Products Qudra.
The joint venture serves Aramco’s Jazan Refinery, a megaproject that processes 400,000 barrels per day of crude oil to produce major products such as ultra-light sulfur diesel, gasoline and other products.
About Airline Products
Airline Products (NYSE:APD) is a world leader in industrial gases in activity for 80 years. Focused on serving energy, the environment and emerging markets, the company provides essential expertise in industrial gases, related equipment and applications to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, food and beverage. Air Products is also the world leader in the supply of liquefied natural gas processing technology and equipment. The Company develops, designs, builds, owns and operates some of the largest industrial gas projects in the world, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of electricity, fuels and high value-added chemicals; carbon capture projects; and global carbon-free hydrogen projects supporting global transport and energy transition.
The Company achieved sales for fiscal 2020 of $ 8.9 billion has operations in 50 countries and has a current market capitalization of approximately $ 65 billion. More than 19,000 passionate, talented and engaged employees from diverse backgrounds are driven by Air Products’ overriding goal of creating innovative solutions that benefit the environment, enhance sustainability and overcome the challenges facing customers , communities and the world. For more information visit airproducts.com or follow us on LinkedIn, Twitter, Facebook, Where Instagram.
Caution Regarding Forward-Looking Statements: This press release contains “forward-looking statements” within the framework of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the expectations and assumptions of management at the date of this press release and do not constitute guarantees of future performance. Although forward-looking statements are made in good faith and on the basis of assumptions, expectations and projections that management considers reasonable based on information currently available, actual performance and financial results may differ materially from projections and estimates expressed in forward-looking statements as a result of many factors, including the risk factors described in our annual report on Form 10-K for the year ended September 30, 2020. Except as required by law, we disclaim any obligation or commitment to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs or expectations or any change in events, conditions or circumstances on which such forward-looking statements are based.
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SOURCE Air Products