PARIS (dpa-AFX) - French industrial and medical gases maker Air Liquide SA (AIQUY) Monday said it has signed a new long-term contract with Yan'an Energy and Chemical Co., a unit of Chinese oil and natural gas company Yanchang Petroleum Group.
Under the terms of the new agreement, Air Liquide will invest around 80 million euros in two state-of-the-art Air Separation Units or ASUs, with a total capacity of 2,800 tonnes of oxygen per day.
The new ASUs are expected to start operations in the first quarter of 2018. They will supply air gases including oxygen and nitrogen for the customer's chemicals production complex which will produce 600,000 tonnes per year of olefins, a chemical intermediate used notably in the production of plastics.
The two ASUs, located in Fuxian County of Yan'an City, Shaanxi Province, will be built by Air Liquide's Engineering and Construction teams. They will be owned and operated by Air Liquide.
In Paris, Air Liquide shares were trading at 110.55 euros, up 0.09 percent.
Copyright RTT News/dpa-AFX