Air Products and The Arabian Company for Power and Water Development (ACWA Holding) on Wednesday signed a joint venture agreement for the formation of a new company, ACWA Air Products Arabia, to be located in Al-Khobar city, Saudi Arabia.
The partnership will focus on the successful pursuit of large-scale industrial gas opportunities within Saudi Arabia, the companies said.
"Partnering with Air Products which is one of the world's largest owners and developers of industrial gases, 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)," said Mohammed A. Abunayyan, ACWA Holding chairman.
"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."
Howard Castle-Smith, Air Products' regional tonnage gases vice president in Europe and Middle East, said the new venture complements the company's existing presence in Saudi Arabia.
"It provides a strong platform to further grow our business there by partnering with prime Saudi industrial investors and developers, such as ACWA Holding," he said.
"By leveraging our mutual capabilities - Air Products' knowledge and proven track record in large industrial gas plants and ACWA Holding's strong infrastructure position - we will be able to pursue large-scale industrial gas opportunities within the Kingdom and provide customers with secure quality, manufacture and distribution," Castle-Smith said.
Air Products notes that it has nearby offices in Doha, Qatar, and Dubai and works closely with the region's petrochemical, gasification and refining industries.
The company has built, owned and operated air separation units (ASU) and hydrogen production plants throughout the Middle East.