- Aramco, Air Products (NYSE:APD) +4% pre-market after signing agreements with Saudi Aramco and ACWA Power for asset acquisition and project financing of the $12B air separation unit, gasification and power joint venture in Saudi Arabia's Jazan Economic City.
- The JV is purchasing the ASUs, gasification, syngas cleanup, utilities and power assets from Aramco, which supply feedstock to the JV, and the JV will produce power, steam, hydrogen and other utilities for Aramco.
- The venture will serve Aramco's Jazan refinery project to process 400K bbl/day of crude oil to produce ultra-light sulfur diesel, gasoline and other products.
- Air Products says its ownership position in the venture will total 50.6% via its direct 46% stake plus an additional 4.6% through Air Products Qudra.
- Air Products currently is unable to grow free cash flow due to long-term capital investments in growth projects, Leo Nelissen writes in an analysis posted recently on Seeking Alpha.
Air Products-Aramco consortium signs financing deal for $12B project
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Symbol | Last Price | % Chg |
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APD | - | - |
Air Products and Chemicals, Inc. |