03/06/2014 London, UK
Today Air Products (NYSE: APD) announced it has signed a distributor agreement with the Kuwaiti company TechnoGas.
Air Products has been offering ultrahigh-purity gases (UHP), calibration mixtures, process chemicals and equipment to customers globally for over 40 years. By signing an agreement with TechnoGas, the company now has an important distribution network in Kuwait allowing it to expand its speciality gas and equipment activities in the State.
Through the company’s tonnage business, Air Products has been doing business in the Middle East for more than 50 years, with offices in Oman, UAE, Saudi Arabia, Qatar and Bahrain. A provider of liquefied natural gas (LNG) cryogenic technology to Oman and the rest of the Gulf Co-operation Council (GCC), Air Products has built, owned, and operated several air separation units and hydrogen production plants throughout the Middle East region.
Air Products Middle East was formed in 1990 and is a 100% owned subsidiary of Air Products. It operates a helium and cylinder gas filling and distribution facility, as well as a specialty gases center in the Jebel Ali Free Zone, UAE and distributes its helium and its specialty gases to over 20 countries throughout the GCC and wider Middle Eastern region.
“This distribution agreement provides us with entry to the speciality gas and equipment market in Kuwait by working with a trusted local company in TechnoGas,” commented Simon Little, General Manager, Merchant Gases at Air Products (Middle East) FZE. “Air Products’ business also compliments TechnoGas’ existing portfolio of products perfectly.”
Mr Adnan Al-Rashed commented on the agreement saying: “This Agreement is the result of strenuous efforts and intensive communication and has been carefully evaluated between us and Air Products. The importance of this agreement comes from the regulation and supervision of the distribution of high-quality specialty gases used for calibration purposes with all the required equipment such as control valves along with high-purity industrial gases.
Al-Rashed went on: “There are multiple uses of industrial gases such as in medical laboratories, universities, medical applications, oil and gas, science and agriculture”. Al-Rashed concluded: “This agreement comes during the third Oil and Gas Convention in Kuwait, where we are continuously seeking to achieve such agreements which supplement the industry and the national economy and add new services to the company which is always striving to expand and improve the service for our clients year after year”
About Air Products
Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. Recognized as one of the world’s most innovative companies by both Thomson Reuters and Forbes magazine, more than 21,000 employees in over 50 countries supply effective solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2013, Air Products had sales of $10.2 billion. For more information, visit www.airproducts.com.
Technology Industrial Gases Production Co. (TechnoGAS) is a Closed Kuwaiti Share Holding Company with a share capital of 7 Million KWD, established in Kuwait. TechnoGAS has its head office in Fahaheel and factory site at the Shuaiba Industrial Area, Kuwait. Shortly, TechnoGAS will be operating their Air Separation Unit at a production capacity of 120 tons/day. To understand the cylinder market, TechnoGAS had started the distribution of different kinds of industrial gases which is filled locally or abroad. To avail customer requirements of calibration cylinders, TechnoGAS have signed a Mutual Distributor Agreement with Air Products Middle East (Jebel Ali Group) to distribute High Purity and Specialty Gases for the Kuwaiti markets and for the Iraqi market in the near future.
TechnoGAS aims to be one of the leading Industrial Gases Production Company in the region and to provide high quality of high purity and specialty gases by the signing of the Mutual Distributor Agreement with Air Products," commented Adnan Al-Rashed, Chairman of TechnoGAS.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2013.