LEHIGH VALLEY, Pa., Nov. 6, 2019 /PRNewswire/ -- Royal Commission for Jubail and Yanbu and Air Products Qudra signed a Memorandum of Understanding (MOU) to establish world-class industrial gas production facilities and distribution networks in the industrial cities of Royal Commission.
The MOU sets preliminary framework details for Air Products Qudra to establish a hydrogen fueling economy in the Kingdom, achieve higher values for off-gases, introduce new technologies to convert low-value feedstocks into high-value products, establish a helium recovery network, and expand the carbon-dioxide capture and re-use economy in the Kingdom of Saudi Arabia.
The MOU supports Royal Commission's strategy to promote direct investments, diversify and enhance the Kingdom's economy, improve the services to its clients to help improve their business performance, and maximize localization within the Kingdom of Saudi Arabia.
Seifi Ghasemi, Chairman, President and Chief Executive Officer for Air Products, said, "It is an honor to collaborate with the Royal Commission to explore the business case to invest, build, own and operate world-scale, transformative industrial gas facilities at Jubail and further support the creation of a world-leading downstream sector in Saudi Arabia."
Mohammad A. Abunayyan, Chairman of Vision Invest & Qudra Energy, said, "We are pleased about the collaboration with the Royal Commission for Jubail and Yanbu as Air Products Qudra strives to deliver world-class industrial gas infrastructure to Jubail and Yanbu."
Dr. Samir Serhan, Chairman of Air Products Qudra and Executive Vice President for Air Products, said, "We have already started the plan to kick off our Phase 1 investments to build world-scale industrial gas production units and distribution networks in Jubail. We look forward to bringing our full suite of capabilities to these projects and supporting essential sustainable energy production in these Industrial Cities."
About Air Products Qudra
Air Products Qudra is a regional development and investment joint venture (JV) between Air Products and Qudra Energy, a subsidiary of Vision Invest (previously ACWA Holding), and in partnership with the Saudi Arabian General Investment Authority. Air Products is a world-leading industrial gases company developing, engineering, building, owning and operating many of the world's largest industrial gas projects; Vision Invest is the largest private owner/operator of power and water production assets in the Middle East.
Formed following several years of partnership between its parent companies, Air Products Qudra's mission is to bring world-class technology, on-site solutions, and leading project execution and operational leadership for large-scale energy and environmental projects throughout the Middle East region.
About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 75 years. The Company provides industrial gases and related equipment to dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment.
The Company had fiscal 2018 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $50 billion. Approximately 16,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the company's Form 10K for its fiscal year ended September 30, 2018.
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SOURCE Air Products