Air Products, ACWA Holding to set up Saudi JV
Lehigh Valley, Pennsylvania, October 18, 2012
Air Products and The Arabian Company for Power and Water Development (ACWA Holding) have announced plans to set up a new joint venture in Al Khobar, Saudi Arabia.
The two firms have signed an agreement for the formation of the new company, ACWA Air Products Arabia. The partnership will focus on the successful pursuit of large-scale industrial gas opportunities within Saudi Arabia.
Mohammed A Abunayyan, ACWA Holding chairman said: "Partnering with Air Products which is one of the world's largest owners and developers of industrial gases, is a strategic move for ACWA Holding to broaden its economic contribution as a major private sector developer for the kingdom and GCC.
"Furthermore, ACWA Holding's track record as a leading regional owner and developer of facilities in power generation, water desalination/treatment, sewage water treatment, district cooling and solar/waste management will enable the new joint venture to provide effective and competitive quality industrial gas facilities to serve the region's hydrocarbon and industrial markets," he said.
Howard Castle-Smith, Air Products' regional vice president-Tonnage Gases Europe and Middle East, said: "Our new venture with ACWA Holding complements Air Products' existing presence in Saudi Arabia and the GCC, providing a strong platform to further grow our business there by partnering with prime Saudi industrial investors and developers, such as ACWA Holding."
"By leveraging our mutual capabilities – Air Products' knowledge and proven track record in large industrial gas plants and ACWA Holding's strong infrastructure position - we will be able to pursue large-scale industrial gas opportunities within the Kingdom and provide customers with secure quality, manufacture and distribution," Castle-Smith said.
The new company complements Air Products' 25 per cent stake in Abdullah Hashim Industrial Gases & Equipment Co Ltd. (AHG), a company of the privately-owned Abdullah Hashim Group, based in Saudi Arabia.
Air Products has been serving customers in the Middle East for over 50 years, and already operates a helium and cylinder gases filling and distribution facility, as well as a specialty gases centre in the Jebel Ali Free Zone. Air Products has offices in Doha and Dubai and works closely with the region's petrochemical, gasification and refining industries. - TradeArabia News Service