Allentown-based Air Products announced Wednesday that it had completed the acquisition of its equity stake in its gasification technology joint venture (JV) with China Shenhua Coal to Liquid and Chemical Co. Ltd.
Financial details of the company’s purchase of the remaining 50 percent stake were not disclosed. Air Products previously held a 50 percent equity stake in the JV was part of its acquisition of General Electric Company’s (GE) gasification business from GE Power in 2019.
“Our latest investment is another step to support our gasification growth strategy that addresses the world’s energy and environmental challenges. We continue to execute several megaprojects in China and around the world. The acquisition further strengthens our position to leverage our complete gasification technology portfolio to serve our customers,” said Seifi Ghasemi, chairman, president and chief executive officer at Air Products.
The acquisition increases the company’s gasification technology portfolio and integrates technical and engineering resources in China. Air Products is a leader in gasification projects around the world, having announced last year a $2 billion coal-to-methanol project in Indonesia, as well as several world-scale gasification projects, including Jiutai and Debang projects in China and the Jazan project in Saudi Arabia.