In response to media reports, Air Products (NYSE: APD) today confirmed that it is no longer involved in the coal-to-methanol Bengalon, East Kalimantan, Indonesia project, nor in other coal gasification projects in Indonesia.
The financial landscape for blue and green hydrogen projects has significantly changed in the last year, driving increasing opportunities for Air Products to invest in these energy transition projects around the world. As a result, the Company has decided to redeploy its financial resources on such energy transition opportunities.
Air Products remains committed to its core industrial gas business in Indonesia.
Air Products expects to provide further updates on its fiscal second quarter earnings call.
