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Air Products Gets Supply Contract for LNG Facility in Algeria

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Air Products and Chemicals, Inc. (APD - Free Report) recently stated that it will provide four of its MCR Main Cryogenic Heat Exchangers for Sonatrach's GL1Z LNG facility based in Arzew, Algeria. These heat exchangers will replace the previous heat exchangers supplied by Air Products in 1977. Further, each heat exchanger will have an annual production capacity of 1.3 million tons.

Sonatrach is revamping its LNG plants, which will minimize maintenance costs, lower gas consumption and sustain LNG gas production at the GL1Z facility. The latest contract is in line with Air Products' goal to develop long-term relationships with customers and provide excellent services.

In addition to supplying the necessary equipment at the LNG facility, Air Products will be responsible to supervise the installation of equipment as well as provide advisory services and engineering studies.

Notably, Air Products will build the LNG heat exchangers at its Port Manatee, FL-based manufacturing plant. For more than five decades, Air Products has built LNG heat exchangers that are presently operating in more than 100 LNG trains in 20 countries across the globe. The company also provides process technology and key equipment for the natural gas liquefaction process.

In upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. In downstream, it provides cryogenic nitrogen systems for LNG import terminals and baseload LNG plants as well as membrane nitrogen generators for LNG carriers.

Air Products’ shares have gained 39.5% in the past year compared with the industry’s 1.8% rise.

Zacks Rank & Key Picks

Air Products currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Kinross Gold Corporation (KGC - Free Report) , Kirkland Lake Gold Ltd. (KL - Free Report) and Yamana Gold Inc. (AUY - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Kinross has an expected earnings growth rate of 100% for 2020. The company’s shares have surged 78.7% in the past year.

Kirkland Lake Gold has an expected earnings growth rate of 22.6% for 2020. Its shares have returned 18.9% in the past year.

Yamana has an expected earnings growth rate of 76.9% for 2020. The company’s shares have soared 79.1% in the past year.

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