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Air Liquide Signs Long-Term Contract with Major Petroleum Group in China

Source: www.gulfoilandgas.com 10/12/2015, Location: Asia

Air Liquide signed a new long-term contract with Yan'an Energy and Chemical Co., a subsidiary of Yanchang Petroleum Group, one of the four largest Chinese companies for oil and natural gas exploration & production, and oil refining. Under the terms of the new agreement, Air Liquide will invest around 80 million euros in two state-of-the-art ASUs (Air Separation Units), with a total capacity of 2,800 tonnes of oxygen per day.

Expected to start operations in Q1 of 2018, the new ASUs will supply air gases including oxygen and nitrogen for the customer's chemicals production complex which will produce 600,000 tonnes per year of olefins, a chemical intermediate used notably in the production of plastics.

The two ASUs, located in Fuxian County of Yan'an City, Shaanxi Province, will be built by Air Liquide's Engineering and Construction teams using leading technologies to offer energy efficiency as well as optimal reliability and safety, and will be owned and operated by Air Liquide.

François Venet, Vice-President, Asia Pacific and a member of Air Liquide group's Executive Committee, commented: "We are pleased to have been selected as the partner for this project. This strategic cooperation demonstrates our ability to provide innovative solutions that improve energy efficiency. The project also marks our growing commitment to investing in Western China."

Wang Jiaxin, Chairman and General Manager of Yan'an Energy and Chemical Co., commented: "It's our pleasure to collaborate with Air Liquide, whose state-of-the-art technologies and international expertise in safe operations will ensure the steady gas supply of the project. Through this partnership, we look forward to contributing to the economic development of Fuxian County and Shaanxi Province as a whole."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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