Industrial gas giant Air Products & Chemicals Inc. (APD - Free Report) announced that it has entered into a deal with Technip to supply the latter with its proprietary liquefied natural gas (LNG) process technology and equipment. Air Products’ technology will be provided for Technip’s mid-scale LNG project in the Yangling Demonstration Area, ShaanXi Province, China.
Air Products’ liquefaction process will produce 500,000 tons per year of LNG for ShaanXi LNG Investment Development Co. Ltd. Per the deal, Air Products’ single mixed refrigerant process technology will be supplied for the LNG plant. The company will also provide engineering, design and manufacturing of the heat exchanger equipment for the liquefaction section of the plant.
The deal represents Air Products' third mid-size LNG liquefaction train placement in China. The company has also been successful in providing its proprietary LNG technology and equipment into the Chinese LNG production market. The project is developed to serve the domestic needs of the Chinese mid-scale LNG market and the deal re-establishes Air Products’ commitment to cater to all end users across the gamut of the LNG market.
For over 70 years, Air Products has provided atmospheric, process and specialty gases, performance materials, equipment and technology to its customers. The company’s products have enabled customers to become more productive, energy efficient and sustainable by supplying innovative solutions to the energy, environment and emerging markets.
Air Products currently retains a Zacks Rank #3 (Hold).
Other companies in the chemical industry having favorable Zacks Rank are Cytec Industries Inc. , PPG Industries Inc. (PPG - Free Report) and Northern Technologies International Corp. . All of them hold a Zacks Rank #2 (Buy).