Published on 9 Jun 2022 on Zacks via Yahoo Finance
Air Products (APD) Inks Long-Term Supply Deal With IOCL
Air Products and Chemicals, Inc. APD signed a long-term supply agreement with Indian Oil Corporation Limited (“IOCL”), the biggest petroleum refining company in India. Air Products will build, own and operate a new industrial gases complex providing hydrogen, nitrogen and steam to IOCL's Barauni Refinery in Bihar, India.
The new complex will facilitate IOCL's capacity expansion from six to nine million tons per annum, manufacturing Euro-VI or BS-VI compliant gasoline and diesel at its Barauni complex. It will include the latest generation multi-feed hydrogen production facility. Air Products expects the new industrial gas complex for IOCL to commence operations in 2024.
Air Products stated that it is honored to work with IOCL. Its latest strategic investment in India will provide an efficient combination of industrial gas production technologies, enabling IOCL to meet ever-increasing transportation fuel demand. The company looks forward to reliably supplying IOCL's industrial gas needs for decades to come.