Air Liquide bags gas contracts with IOC and MRC
02 October 2008 09:04 [Source: ICIS news]
SINGAPORE (ICIS news)--Air Liquide has bagged two long-term contracts to supply industrial gases to Indian Oil Corp Ltd (IOC) and Malaysian Refining Company Sdn Bhd (MRC) and will invest €75m to fulfil the contracts, the France-based company said in a statement on Thursday.
“We are very proud to have been selected by IOC and MRC as a key partner for the supply of oxygen and nitrogen,” said Jean-Pierre Duprieu, the company’s senior vice president (Asia-Pacific).
Air Liquide will be investing a total of €75m ($53.57m) in new air separation units (ASUs) to fulfil the additional capacity required for these new contracts, Duprieu said.
About €45m of the total investment amount would be set aside for the ASU to supply industrial gases to IOC’s Panipat naphtha cracker, which had a nameplate capacity of 15m tonnes/year and was expected to be commissioned by July 2009, the company said.
MRC is a joint-venture company owned by oil and gas majors, Petronas and ConocoPhillips.
“These investments are driven by the trend towards the outsourcing of industrial gas needs and are in line with the group’s growth strategy, which includes accelerating its investments in emerging economies”, said Duprieu.
($1 = €0.71)
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By: Bohan Loh
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