Linde enters €100m industrial gas JV with Sinopec

10 September 2008 09:21  [Source: ICIS news]

MUMBAI (ICIS news)--Linde has entered into a 50:50 joint venture with a subsidiary of Sinopec for the long-term supply of industrial gases to customers in China's southeast province of Fujian for an investment of €100m ($142.8m), the German chemicals company said on Wednesday.

"This is the region of China in which our gases operations began. The collaboration is a further example of our long-term growth strategy in the emerging Asian nations, underpinning our position as number one in the Chinese gases market," said Aldo Belloni, a member of Linde's executive board.

The JV with Sinopec Fujian Petrochemical Co Ltd (FPCL), which would be located in Quangang petrochemical industrial park in Fujian, would produce and distribute nitrogen, oxygen and argon, Linde said.

The new company, named Fujian Linde-FPCL, was currently building two air separation plants, each with a capacity of 40,000 cubic metres oxygen per hour, which was nearing completion, the industrial gases major added.

($1 = €0.71)

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By: Isha Jha
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