logo
Share SHARE
FONT-SIZE Plus   Neg

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

Quick Facts

Editors Pick
Amazon.com Inc. is working on developing a pair of smart glasses that would allow to summon and interact with virtual assistant Alexa while wearing the device, the Financial Times reported, citing people familiar with the plans. The glasses, which would be required to be connected wirelessly to a smartphone to work, is reportedly designed to look like a regular pair of spectacles. Employees at Bombardier Inc.'s aerospace plant in Toronto plan to walk out of the facility on Wednesday morning. The move is an attempt to put pressure on Boeing Co. to drop a trade complaint against the Canadian plane and train maker. The Baltimore Ravens, a professional American football team, postponed its "DNA Day" event just hours before this season's home opener last Sunday. Orig3n Inc., a Boston-based biotech company sponsoring the event, said in a statement that it is "working to address questions from officials from the state of Maryland."
comments powered by Disqus
Follow RTT