Air Products Granted Investment License for New Industrial Gases Technology Center Serving the Kingdom of Saudi Arabia/Middle East
March 28, 2018 Lehigh Valley, Pa.
Air Products’ (NYSE:APD) Chairman, President and Chief Executive Officer (CEO), Seifi Ghasemi, was among a select group of CEOs to participate in the Saudi-U.S. CEO Forum, convened yesterday under the patronage of His Royal Highness Mohammed bin Salman Al Sa’ud, the Crown Prince of Saudi Arabia.
Under the theme, “An Era of Transformation: From Vision to Implementation,” the second-annual Saudi-U.S. CEO Forum, held in New York, was an important part of the Crown Prince’s multi-week visit to the United States. The full-day event brought together CEOs of major Saudi and U.S. companies with senior Saudi and U.S. government officials for discussions about enhancing bilateral trade, enabling closer business relationships, and furthering investment opportunities catalyzed by Saudi Arabia’s Vision 2030.
During the Forum, Saudi Arabian General Investment Authority (SAGIA) Governor Ibrahim bin Abdul Rahman Al-Omar granted the investment license for Air Products’ previously announced industrial gases technology center in the Dhahran Techno Valley Science Park. The center will be a hub for Air Products to provide technology expertise as well as process safety, energy efficiency, reliability and operational excellence improvements in support of new industrial gas opportunities in the Kingdom and throughout the Middle East. Developed under an agreement with the Dhahran Techno Valley Company, Air Products’ new technology center is expected to be fully operational in 2019, developing local talent and industrial gas projects.
Air Products’ strategic investments in Saudi Arabia also extend to complex project execution, evidenced by the company’s partnership with ACWA Holding to develop the world’s largest industrial gas complex serving Saudi Aramco’s refinery in Jazan. The complex, expected onstream in the company’s fiscal 2019, will supply 75,000 metric tons per day of oxygen and nitrogen.
About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company’s core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment.
The Company had fiscal 2017 sales of $8.2 billion from continuing operations in 50 countries and has a current market capitalization of about $35 billion. Approximately 15,000 passionate, talented and committed employees from a diversity of 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.
NOTE: This release may contain 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 reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2017.