Industrial gas giant Air Products and Chemicals Inc. (APD - Analyst Report) has signed a deal to supply both gaseous and liquid nitrogen to Prime Evolue Singapore. In addition to this, Air Products will further expand its pipeline network to the Tembusu area from its existing pipeline network in the Sakra area on Jurong Island, Singapore.
The expansion of the pipeline network will strengthen the Air Products’ supply position to meet the growing market demand and will also support the growth of chemical and petrochemical customers with cost-effective and reliable industrial gas supply.
The pipeline expansion on Jurong Island demonstrates Air Products’ commitment towards the development of Singapore’s energy and chemical industry. The company continues to explore opportunities to assist customers to be more productive, energy efficient and sustainable through its technology and expertise.
Jurong Island is situated at the core of Singapore’s energy and chemical industry and is the base of 95 leading global petroleum, petrochemical and specialty chemicals companies. The island provides well-developed infrastructure where companies can save capital costs. Air Products shares an old relationship with the country and has been serving the petrochemical customers on the Jurong Island since 1997 through its air separation plant. The plant can produce 250 metric tons per day of gases.
Air Products provides a diverse portfolio of gas products and technologies. Recently, the company announced its plans to build, own and operate a new world-scale hydrogen production plant in Canada. The plant will be located adjacent to Shell Canada’s Scotford facility located northeast of Edmonton, Alberta.
The plant is expected to produce over 150 million standard cubic feet per day (MMSCFD) of hydrogen. The facility will be connected to Air Products Canada’s existing Heartland Hydrogen Pipeline system, which supplies refiners, upgraders, chemical processors and other industries in the Alberta Industrial Heartland region.
Air Products currently holds a Zacks Rank #2 (Buy).
Other companies in the chemical industry worth considering are Praxair Inc. (PX - Analyst Report), E. I. du Pont de Nemours and Company (DD - Analyst Report) and FMC Corp. (FMC - Analyst Report). All of them hold a Zacks Rank #2 (Buy).