Air Products Confirms It is in Final Negotiations to Form $11.5 Billion Joint Venture to Acquire the Gasification/Power/Industrial Gas Assets at Jazan Economic City

LEHIGH VALLEY, Pa., Oct. 29, 2019 /PRNewswire/ -- Air Products (NYSE:APD) today confirmed that it is in final negotiations to form a joint venture with Saudi Aramco, ACWA Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City, representing a total investment value of about $11.5 billion.

Air Products' confirmation follows an announcement made today by Saudi Aramco at the Future Investment Initiative in Riyadh, Saudi Arabia and builds on Air Products' initial announcement about this world-class project.

Air Products looks forward to concluding negotiations and expects to close on the transaction by the end of calendar 2019. Air Products will provide additional comments on its upcoming fiscal fourth quarter earnings call on Thursday, 7 November 2019 and further details about the project following financial close.

About Air Products 
Air Products (NYSE:APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company provides industrial gases and related equipment to dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment.

The Company had fiscal 2018 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $50 billion. Approximately 16,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com.

SOURCE Air Products