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MarketScreener Homepage  >  Equities  >  Nyse  >  Air Products & Chemicals    APD


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Air Products & Chemicals : Breaks Ground for Energy Project of National Importance in The Netherlands; Three New Nitrogen Plants Will be Used to Condition Imported Natural Gas and Replace To Be Discontinued Local Sources

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03/27/2020 | 08:39am EDT

Lehigh Valley, Pa. - Air Products (NYSE:APD) and N.V. Nederlandse Gasunie held a groundbreaking ceremony for the construction of three new nitrogen plants near Zuidbroek, Groningen.

The groundbreaking on March 9 occurred after receiving project approval from The Netherland's Economic Affairs and Climate Minister Eric Wiebes. Construction of the nitrogen plants, to be in operation by mid-2022, is an essential building block of the cabinet's plan to end gas extraction at its Groningen Field.

Replacing the Groningen gas with higher heat content imported natural gas will require conditioning. Air Products will build three plants for Gasunie to produce the nitrogen needed to meet the specification required in commercial and consumer applications throughout the country.

'Building on the legacy of our relationship with Gasunie, we are proud to have been selected as the technology partner on a project of such strategic importance,' said Air Products' Executive Vice President, Dr. Samir Serhan. 'Air Products world class expertise enables us to provide Gasunie with a plant designed to meet their stringent requirements for safety, reliability, and efficiency.'

Han Fennema, Gasunie Chief Executive Officer, said 'We are fully committed to helping accelerate the end of gas extraction in Groningen. This installation is thereby a necessary measure to ensure that, from 2022, gas from the Groningen field is no longer needed for security of supply.'

The installation of the nitrogen plants at Zuidbroek will cover approximately 12 hectares and has a capacity of 180,000 m3 of nitrogen per hour. This capacity is more than 10 times larger than the existing nitrogen plant at Zuidbroek.

Air Products has vast experience in the natural gas supply chain around the globe with its world-leading liquefied natural gas (LNG) technology. Air Products' LNG process technology and equipment is the heart of an LNG production plant. The technology, in place at some of the most remote locations around the world, takes natural gas and unlocks its value by liquifying it and making it possible to economically ship it. The LNG is eventually re-gasified for energy use. A majority of the total worldwide LNG is produced with Air Products' technology.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for nearly 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals.

The Company had fiscal 2019 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $50 billion. More than 17,000 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 airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

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, 2019.

(C) 2020 Electronic News Publishing, source ENP Newswire

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