LEHIGH VALLEY, Pa., Sept. 18, 2017 /PRNewswire/ -- Air Products (NYSE: APD) today signed an agreement with Dhahran Techno Valley Company to build and develop a world-class technology center to serve the Kingdom of Saudi Arabia and Middle East region.
"We are delighted and proud to be building this world-class Industrial Gases technology center in the Kingdom of Saudi Arabia," said Seifi Ghasemi, chairman, president and chief executive officer of Air Products. Located in the prestigious Dhahran Techno Valley Science Park, the center will serve as the cornerstone for industrial gas technology and project development in Saudi Arabia," he said.
Dr. Samir Serhan, Air Products' executive vice president, said, "This investment by Air Products represents yet another example of our company's strong commitment to the Kingdom of Saudi Arabia, both in terms of investment in the country's future and in the development of its people. Once complete, the center will become the hub through which Air Products will provide technology expertise in support of new opportunities for industrial gases in the region. The center will deliver the latest technology from Air Products, focused on providing improvements in process safety, energy efficiency, reliability and operational excellence to serve our regional customers."
"Air Products has worked in Saudi Arabia since the 1970s and made long-term investments in the country since 2012 in conjunction with our joint venture partners," added Richard Boocock, Air Products' president, Industrial Gases—Middle East, India, Egypt and Turkey. "Today, in conjunction with our partners ACWA, Air Products is developing the world's largest industrial gas complex to supply 75,000 metric tons per day of oxygen and nitrogen to Saudi Aramco's power station and refinery in Jazan, Saudi Arabia. The technology center is our latest step in demonstrating our long-term commitment to The Kingdom in developing local talent, technology and industrial gas projects in Saudi Arabia."
"Dhahran Techno Valley is a prominent destination for energy research that fosters industry-academia partnerships while remaining focused and committed to technology development and innovation. Air Products represents an excellent addition to our partner base and diversification strategy – moving from upstream to downstream," said Dr. Khaled Al-Sultan, chairman of Dhahran Techno Valley Company and Rector of King Fahd University of Petroleum and Minerals.
Air Products' new technology center is currently being designed and is expected to be fully operational by 2019. As the company's new technology center and primary base for technology support in The Kingdom, the center will ultimately become a base for collaboration with regional universities, as well as for supporting all of Air Products' technical activities in the region.
During design and construction of the new center, Air Products will base its operations from offices in Al Khobar.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company's core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, 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 2016 sales of $7.5 billion from continuing operations in 50 countries and has a current market capitalization of approximately $30 billion. Approximately 16,000 employees are making Air Products the world's safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.
About Air Products in the Middle East
Air Products has had a presence in the Middle East for more than 50 years through a combination of wholly-owned businesses and joint venture partnerships. A provider of liquefied natural gas cryogenic technology to Oman and the rest of the Gulf Co-operation Council, Air Products has built, owned, and operated several air separation units and hydrogen production plants throughout the Middle East region. It operates a helium and cylinder gas filling and distribution facility, as well as a specialty gases center in the Jebel Ali Free Zone, UAE. The company's strategic joint venture partnerships include: Abdullah Hashim, Saudi Arabia; Ajwaa Gases, Abu Dhabi, UAE; Ajwaa Gases, Sohar, Oman; and Jazan Gas Projects Company, Jazan, Saudi Arabia.
About Dhahran Techno Valley Company
The Dhahran Techno Valley Company (DTVC)—a wholly owned subsidiary of the King Fahd University of Petroleum and Minerals (KFUPM)—is a key driver of the Dhahran Techno Valley Ecosystem, which was created to promote a knowledge-based economy in Dhahran and in the Eastern Province. This ecosystem includes KFUPM, national champions such as Saudi Aramco, SABIC and SEC, technology partners and small-to-medium size enterprises.
NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about opportunities and technological developments. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date this release is furnished. Actual performance and financial results may differ materially from expectations reflected in the forward-looking statements because of many factors not anticipated by management, including, without limitation, regional economic conditions; political risks, including the risks of unanticipated government actions; acts of war or terrorism; the Company's inability to protect and commercialize intellectual property; the Company's inability to identify, recruit and retain personnel with requisite skills and knowledge; disruption or compromise of our information technology systems; the impact of changes in environmental, tax or other legislation, economic sanctions and regulatory activities; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2016. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.
Downloadable photos from the signing ceremony are available in Air Products' online News Center.
SOURCE Air Products