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News ReleaseAir Products Forms Joint Venture with CNOOC Oil Base Group Ltd. to Serve China's Fast-Growing Fujian Province

May 22, 2007 Lehigh Valley, Pa.

Air Products (NYSE: APD) today announced that it has formed a joint venture with CNOOC Oil Base Group Ltd., which is a wholly owned subsidiary of China National Offshore Oil Corporation (CNOOC), one of the largest state-owned oil companies and the leading offshore oil and gas producer in the country.

The joint venture will build and operate an air separation unit (ASU) and liquefier in Putian, Fujian Province, to produce liquid oxygen, nitrogen and argon by using cold energy from liquefied natural gas (LNG). It is the first application of LNG cold energy at an ASU plant in China.

Air Products will also build and operate the associated storage and distribution operations at the ASU plant to supply the liquid products to the local market in Fujian Province, a fast growing marketplace for industrial gases.

"This is the first use of cold energy to make industrial gas products in China. We find Air Products is the best partner for this effort because it is a leader in the LNG industry and has a proven track record in ASU plant design and in reliable and safe operation," said Mr. Meng Liming, general manager of CNOOC Oil Base Group Ltd. "Air Products also has the capabilities and expertise to market the products from this venture," added Mr. Meng.

Fujian Province plays a significant role in the dynamic pan-Pearl River Delta economic region. In 2006, it ranked ninth in the country for its industrial output. The electronics and petrochemical industries have become emerging pillars of Fujian's economy, and contributed nearly half of the total production value of Fujian's industry.

"We are deeply honored to partner with CNOOC and to be able to participate in this environmentally-beneficial project. The use of cold energy will significantly reduce power consumption in the industrial gas production process which helps protect the environment. We look forward to the successful partnership this venture will bring," said Bob Dixon, vice president and general manager of Global Merchant Gases at Air Products. "Our partnership with CNOOC and investment in Fujian Province will strengthen our supply position in this fast-growing industrial market in China."

The ASU plant in Putian, Fujian Province is expected to come on-stream in 2009.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of US$9 billion, operations in over 40 countries, and over 20,000 employees around the globe. For more information, visit  

NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.

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