Air Products to supply technology in China project
Air Products in deal to supply natural gas processing technology for China project
- On 11:43 am EDT, Wednesday October 14, 2009
LEHIGH VALLEY, Pa. (AP) -- Air Products & Chemicals Inc. said Wednesday it signed a deal with French oil and gas company Technip to supply its liquefied natural gas processing technology to a project in Yinchuan, China.
The technology will be used in two liquefaction trains that will produce 800,000 tons of liquefied natural gas per year total when they are completed in the second half of 2011, Air Products said.
The gas will be produced by Ningxia Hanas Natural Gas Co. and will be distributed to the Chinese market to help meet the country's growing energy demands.
Terms of the agreement were not disclosed.
Shares of Air Products rose $1.07 to $83.39 in midday trading after hitting a new 52-week high of $83.59 earlier in the session.
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