Air Products To Build Technology Center In Saudi Arabia
Zacks Investment Research | Sep 18, 2017 10:09PM ET
Air Products and Chemicals, Inc. (NYSE:APD) announced that it has inked an agreement with Dhahran Techno Valley Company for building and developing a world-class technology center that will cater the Kingdom of Saudi Arabia and Middle East region.
According to Air Products, the center will serve as the cornerstone for industrial gas technology and project development in Saudi Arabia. Once complete, it will provide technological expertise and lend support to new opportunities for industrial gases in the region. The center will provide the latest technologies from Air Products, focusing on improving energy efficiency, safety, reliability and operational excellence.
The new technology center will serve as a primary base for technology support in Saudi Arabia and will eventually become a base for collaboration with regional universities and for lending support to all of the company's technical activities in the region. It is expected to be fully operational by 2019.
Air Products has been working in Saudi Arabia since 1970s and it has made long-term investments in the country through joint ventures. Air Products and ACWA are presently developing the world's largest industrial gas complex, which will supply 75,000 metric tons per day of nitrogen and oxygen to Saudi Aramco's refinery and power station in Jazan.
Air Products’ shares have moved up 3.3% in the last three months, underperforming the Zacks Investment Research
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