Air Products, ACWA form JV industrial gas in Saudi Arabia

Air Products, ACWA form JV for industrial gas in Saudi Arabia

11:17 AM, 22nd October 2012
Air Products, ACWA form JV for industrial gas in Saudi Arabia

AL KHOBAR, SAUDI ARABIA: Air Products and The Arabian Company for Power and Water Development (ACWA Holding) have signed a joint venture agreement for the formation of a new company, ACWA Air Products Arabia, which will be located in Al-Khobar city, Saudi Arabia. The partnership will focus on the successful pursuit of large-scale industrial gas opportunities within The Kingdom of Saudi Arabia. The new company complements Air Products’ 25 per cent stake in Abdullah Hashim Industrial Gases & Equipment Co Ltd, a company of the privately-owned Abdullah Hashim Group, based in The Kingdom of Saudi Arabia.

“Partnering with Air Products is a strategic move for ACWA Holding to broaden its economic contribution as a major private sector developer for the Kingdom and GCC (Gulf Cooperation Council). Furthermore, ACWA Holding’s track record as a leading regional owner and developer of facilities in power generation, water desalination/treatment, sewage water treatment, district cooling and solar/waste management will enable the new joint venture to provide effective and competitive quality industrial gas facilities to serve the region’s hydrocarbon and industrial markets,” said Mohammed A Abunayyan, Chairman, ACWA Holding.

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