Air Products Awarded Long-Term Hydrogen and Nitrogen Supply Agreement for Indian Oil Corporation
Air Products (NYSE: APD) announced a long-term supply agreement with Indian Oil Corporation Limited (IOCL) for a new industrial gas complex in Barauni, India. This facility will provide hydrogen, nitrogen, and steam to support IOCL's refinery expansion from six to nine million tonnes per annum. The project includes a state-of-the-art hydrogen production facility and a high-efficiency air separation unit. Expected to be operational in 2024, this complex represents Air Products' second Build, Own and Operate initiative in India, following the Kochi facility.
- Long-term supply agreement with IOCL enhances growth prospects.
- New industrial gas complex supports significant refinery expansion.
- Operational capacity includes 70,000 Nm3/hr hydrogen and 4,000 Nm3/hr nitrogen production.
- None.
New Industrial Gas Complex will be Air Products' Second Build, Own and Operate Onsite Facility in India
LEHIGH VALLEY, Pa. and PUNE, India and BARAUNI, India, June 8, 2022 /PRNewswire/ -- Air Products (NYSE: APD), a world leader in industrial gases and large-scale project development, execution and operation, today announced the signing of a long-term supply agreement with Indian Oil Corporation Limited (IOCL), India's flagship national oil company. Air Products will build, own and operate (BOO) a new industrial gases complex supplying hydrogen, nitrogen and steam to IOCL's Barauni Refinery in Bihar, India.
The new industrial gas complex will aid IOCL's capacity expansion from six to nine million tonnes per annum producing Euro-VI or BS-VI compliant gasoline and diesel at its Barauni complex. The industrial gas complex will include the latest generation multi-feed hydrogen production facility supplying 70,000 normal cubic meters per hour (Nm3/hr) of hydrogen as well as steam, and a high-efficiency air separation unit producing 4,000 Nm3/hr of nitrogen.
Air Products expects the new industrial gas complex for IOCL to come onstream in 2024.
Air Products' chief operating officer Dr. Samir J. Serhan said, "We are honored to work with IOCL, the largest petroleum refining company and largest Public Sector Undertaking in India. As one of the fastest growing economies in the world, our latest strategic investment in India will provide an efficient combination of industrial gas production technologies, enabling IOCL to meet ever-increasing transportation fuel demand. We look forward to reliably supplying IOCL's industrial gas needs for decades to come."
Juan Gonzalez, vice president, Large Project Business Development, Air Products Middle East, Egypt, Turkey and India, said, "We are proud to work with IOCL as they look to significantly expand their operations at Barauni. We look forward to bringing our global expertise, experience and world-class engineering capabilities to this project."
Once completed, the Barauni project will be Air Products' second BOO project in India, after the Kochi Industrial Gas complex at BPCL's Kochi Refinery.
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 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; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition.
The Company had fiscal 2021 sales of
Air Products' Cautionary Note Regarding Forward-Looking Statements: This release contains "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 expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.
View original content:https://www.prnewswire.com/news-releases/air-products-awarded-long-term-hydrogen-and-nitrogen-supply-agreement-for-indian-oil-corporation-301563807.html
SOURCE Air Products
FAQ
What is the significance of Air Products' new agreement with IOCL?
When is the new industrial gas complex expected to become operational?
What will the new industrial gas complex provide to IOCL?
What are the production capacities of the new facility?
What is the impact of this new project on Air Products' presence in India?
