logo
Plus   Neg
Share
Email
Comment

Air Products, Lu'An Clean Energy To Form $1.3 Bln JV - Quick Facts

Air Products (APD) announced it has signed an agreement to form a $1.3 billion joint venture with Lu'An Clean Energy Co. The new joint venture, to be called Air Products Lu'an (Changzhi) Co., Ltd., will own and operate the air separation units (ASUs) and gasification and syngas clean-up system.

The new joint venture will significantly expand Air Products' scope of supply serving Lu'An Mining (Group) Co., Ltd.'s syngas-to-liquids production in Changzhi City, Shanxi Province, China.

Under the new agreement, Air Products will contribute ASUs and invest a further $500 million for a 60 percent ownership in the new JV. Air Products has already invested $300 million to build, own and operate four large ASUs to supply the Changzhi City site.

Lu'An will contribute the gasification and syngas clean-up system, will receive $500 million of cash and will have a 40 percent ownership in the new JV. The JV will receive coal, steam and power from Lu'An and will supply syngas to Lu'An under a long-term, onsite contract.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Tech giants Amazon.com, YouTube and Twitter as well as Verizon Communications are exploring bids for digital streaming rights to the National Football League or NFL's Thursday Night Football package, according to media reports. The NFL is likely to strike a multi-year deal for the digital streaming rights. However, the television audience for the NFL has declined for two consecutive years. Wynn Resorts Ltd. said Friday that former Chief Executive Officer Steve Wynn is not entitled to any severance payment of other compensation from the company. Wynn resigned last week as CEO and Chairman of the board following allegations of sexual misconduct. In a regulatory filing, Wynn Resorts said it entered into a separation agreement between Steve Wynn, and Wynn Resorts Holdings LLC. Beverages giant Coca-Cola Company on Friday reported a net loss for the fourth quarter, reflecting a one-time charge related to the U.S. tax reform and a double-digit decline in revenues. However, adjusted earnings per share matched analysts' expectations, while revenues beat their estimates. The company's shares are rising more than 2 percent in pre-market activity.
comments powered by Disqus
Follow RTT