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Air Products & Chemicals : and Lu'An Clean Energy Company to form $1.3 Billion Joint Venture for Coal-to-Syngas Project in China's Shanxi Province

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09/21/2017 | 06:16pm CEST

By a News Reporter-Staff News Editor at China Weekly News -- Air Products (NYSE: APD) announced it has signed an agreement to form a $1.3 billion joint venture (JV) with Lu'An Clean Energy Company, which 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.

Air Products has already invested $300 million to build, own and operate four large air separation units (ASUs) to supply the Changzhi City site. Under the new agreement, Air Products will contribute the ASUs and invest a further $500 million for a 60 percent ownership in the new JV. With this majority position, Air Products will fully consolidate the JV financial results. 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 new joint venture, to be called Air Products Lu'an (Changzhi) Co., Ltd., will own and operate the ASUs and gasification and syngas clean-up system. The JV will receive coal, steam and power from Lu'An and will supply syngas to Lu'An under a long-term, onsite contract. Closing is expected as soon as possible, pending initial operational start-up and government and regulatory approvals.

Seifi Ghasemi, chairman, president and chief executive officer of Air Products said, "We are delighted to have Lu'An, a leading clean energy company in China, as our joint venture partner. The creation of this world-class JV is perfectly in line with our stated strategy of deploying our significant cash to grow by acquiring existing assets and expanding our scope of supply to include syngas."

"Extending our strong partnership/relationship with Air Products through this new joint venture enables us to take advantage of world-leading project management and operational expertise to deliver syngas for this landmark energy project," said Mr. Li Jinping, Chairman of Lu'An.

Air Products reminds shareholders that the agreement announced is subject to government and regulatory approval.

Keywords for this news article include: Asia, China, Oil & Gas, Air Products, Clean Energy, Energy Company.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Geographic Newsletters

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Financials ($)
Sales 2017 8 091 M
EBIT 2017 1 742 M
Net income 2017 1 354 M
Debt 2017 1 716 M
Yield 2017 2,45%
P/E ratio 2017 14,25
P/E ratio 2018 22,00
EV / Sales 2017 4,26x
EV / Sales 2018 4,07x
Capitalization 32 750 M
Duration : Period :
Air Products & Chemicals,  Technical Analysis Chart | APD | US0091581068 | 4-Traders
Technical analysis trends AIR PRODUCTS & CHEMICALS,
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 160 $
Spread / Average Target 6,2%
EPS Revisions
Seifollah Ghasemi Chairman, President & Chief Executive Officer
Michael Scott Crocco Chief Financial Officer & Executive Vice President
Alyssa A. Budraitis Chief Information Officer & Vice President
Margaret G. McGlynn Independent Director
Chadwick C. Deaton Lead Independent Director
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