Air Products and Sinopec
Form Joint Venture to Serve Nanjing Market in China
Air Products, a globally diversified gases and chemicals company,
today announced plans to form a joint venture (JV) company with Nanjing Chemical
Industries Co Ltd (Nanjing
Chemical), a subsidiary of Sinopec Assets Management Corporation,
which is a wholly-owned subsidiary of China Petrochemical
Corporation (Sinopec Group), to produce hydrogen, oxygen,
nitrogen and liquid products. A Letter of Intent to form the JV
was recently signed in Beijing by the two companies.
Air Products and Nanjing Chemical will jointly build and operate
an air separation unit and a hydrogen facility in Nanjing. Slated to come on-stream in 2009,
this facility will have the capacity to produce more than 100 million
standard cubic feet per day (MMSCFD) of hydrogen for Nanjing Chemical and other
customers in the Nanjing area to meet their industrial gas needs.
Air Products was one of the first international industrial gas
companies to enter China with a joint venture in 1987. It has
since established a solid infrastructure in Northern, Southern
and Eastern China.
Products (Zhuhai) Ltd.
(Nanjing) Co., Ltd
and Chemicals (China)
Industrial Gases Co Ltd
October 18, 2007 Air
Air Products Shanfeng
Becomes Wholly-Owned Subsidiary of Air Products in China TEDA Business Positioned for
Stronger Growth in Global Polyurethane Market
Air Products today announced that it has acquired all outstanding
shares in Air Products Shanfeng, making the venture a
wholly-owned Air Products subsidiary in China. This strategic
move is part of Air Products’ focus and investment in the
performance materials business in China.
The official name of the new company is Air Products and
Chemicals (Changzhou) Co., Limited. Air Products Shanfeng was first
established in 2005 as a joint venture with Changzhou Shanfeng
Chemical Industry Co Ltd., a leading chemical supplier in
Air Products Shanfeng, including its production site in Changzhou
常州市, Jiangsu Province in East China,
was formed to support the growth of Air Products’
for the polyurethane foam market in China.
Air Products Sells
High-Purity Process Chemicals Line to KMG Chemicals Electronics Focused on Value-Added
Products Customers Demand
Air Products has signed a definitive agreement to sell its high-purity
process chemicals (HPPC) business to KMG Chemicals of Houston, Tex. The business had
sales of $87 million in the year ended September 30, 2007. The
sale is part of the Electronics business’
management activities to provide customers with the high value
products they demand.
an effort to focus on what matters most to our customers, Air
Products decided the HPPC business no longer fit
our electronic gases, chemicals and equipment portfolio. This divestiture marks the end of
our restructuring of the Electronics business and leaves us in a
stronger position as we continue to invest to serve our customers
and grow our business worldwide,” said Corning Painter, vice
president, Electronics, for Air Products. “It’s a testament to our team that we
can make these kinds of adjustments, continue to focus on our
customers, and be successful in the market place.”
Houston, TX, KMG Chemicals produces and distributes
established specialty chemicals in niche markets in North
America and globally. The Company is growing primarily by
acquiring and optimizing stable chemical product lines and
businesses with established production processes. KMG
improves operating efficiencies, product quality,
distribution and responsiveness to customers, thereby
expanding profitability and extending the economic life of
mature chemicals. Current operations are focused primarily on
wood treatment (79% of LTM sales), animal health products
(17% of LTM sales) and agricultural chemicals (4% of LTM
December 11, 2007 Air
Air Products to Sell
Interest in Polymers Joint Ventures to Wacker Portfolio Management Move
Continues Focus on Strengthening Growth Businesses
Air Products today
announced it has signed a definitive agreement to sell its
interest in its vinyl acetate ethylene (VAE)
polymers joint ventures to Wacker Chemie AG, its long-time joint venture
partner. As part of the agreement, Air Products will receive full
ownership in the Elkton, Md., and Piedmont, S.C., production
facilities and their related businesses plus cash considerations
of $265 million. The sale is part of Air Products’
announced portfolio management activities intended to make the
company a more focused, less cyclical and higher growth company.
The sale consists
of the global VAE polymers operations including production
facilities located in Calvert City, Ky.; South Brunswick, N.J.;
Cologne, Germany; and Ulsan, Korea; and commercial and research
capabilities in Lehigh Valley, Pa., and Burghausen, Germany.
Aramco, Air Products, ACWA to form JV in
Saudi Aramco, Air Products and ACWA Power signed on Sunday an agreement
outlining terms for setting up a gasification/power joint venture in Saudi
Arabia with assets bought from the state energy giant.
“The JV will purchase the gasification assets, power block
and the associated utilities from Saudi Aramco for approximately $8
billion,” they said a statement.
According to the term sheet, U.S.-based Air Products will
own at least 55 percent of the joint venture, to be set up in Jazan
Economic City (JEC), with Saudi Aramco and ACWA Power owning the balance, the
The joint venture will own and operate the facility under a 25-year contract for
a fixed monthly fee. Saudi Aramco will supply feedstock and
the joint venture will produce power, hydrogen and other
utilities for Aramco.
The statement said the assets are currently under construction and would be
transferred to the joint venture upon start-up, scheduled in 2019.
“The JV will serve Saudi Aramco’s Jazan Refinery and terminal at Jazan Economic
City, a megaproject that will process heavy and medium crude oil to create
liquefied petroleum gas, sulfur, asphalt, benzene and paraxylene, and add
400,000 barrels per day of refining capacity,” it added.
The refinery on the Red Sea is part of a plan to revive the southwestern region
by building an economic city which will help create thousands of jobs.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has a
total shareholding of 25 percent in Riyadh-based ACWA Power, a developer and
operator of power and water plants.
Saudi Aramco, Air Products, ACWA to form $8B-plus power joint venture
Saudi Aramco release
The JV will purchase the gasification assets,
power block and the associated utilities from Saudi Aramco for approximately
over $8 billion. These assets are currently under construction and will be
transferred to the JV upon successful start-up, scheduled in 2019.
The JV will own and operate the facility
under a 25-year contract for a fixed monthly fee. Saudi Aramco will supply
feedstock to the JV, and the JV will produce power, hydrogen and other
utilities for Saudi Aramco. Air Products will own at least 55 percent of the
JV, with Saudi Aramco and ACWA Power owning the balance.
The JV builds upon the importance and
recognition that critical infrastructure assets in the region are being
developed and operated under the Public Private Partnership (PPP) model.
The consortium will increase job
opportunities and transfer the most advanced technologies in this field to
the Kingdom, and enable Saudi talent to employ this technology for the first
The JV will serve Saudi Aramco’s Jazan
Refinery and terminal at JEC, a megaproject that will process heavy and
medium crude oil to create liquefied petroleum gas, sulfur, asphalt, benzene
and paraxylene, and add 400,000 barrels per day of refining capacity.