Air Products Buys Back Air Separation Units From Shanxi Jinmei Huayu
July 24 2019 - 10:52AM
Dow Jones News
By Michael Dabaie
Air Products & Chemicals Inc. (APD) said it completed the
buyback of two air separation units from Shanxi Jinmei Huayu Coal
Chemical Co. Ltd., a subsidiary of Chinese coal mining conglomerate
Shanxi Jincheng Anthracite Coal Mining Group.
Industrial gases company Air Products said it also started
supplying oxygen, nitrogen and other industrial gases via pipeline
under a long-term supply agreement to Jinmei Huayu's major
coal-to-clean fuels project in Jincheng City, Shanxi Province,
China.
Air Products supplied two ASUs--with a total capacity of over
4,000 tons per day--for Jinmei Huayu's Phase One energy project in
Jincheng. The two companies then actively explored further
cooperation opportunities and later signed an agreement for Air
Products to buy back the two ASUs for about $100 million and
provide Jinmei Huayu with long-term industrial gas supply.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 24, 2019 10:37 ET (14:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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