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.
EDITOR'S NOTE:
Downloadable photos from the signing ceremony are available in Air Products' online News Center.
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SOURCE Air Products