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The Linde Group and SINOPEC Qilu to form industrial gases joint venture in Shandong, China
Wiesbaden/Munich, 8 December 2006 - The
technology group The Linde Group and refining and chemical company
SINOPEC Qilu Company have signed an agreement to form a 50/50 joint
venture as well as a long term industrial gases supply contract.
The joint venture, named Zibo BOC Qilu
Gases Co., Ltd., has a total investment of approximately 64 million
USD. Additionally to SINOPEC Qilu's two existing air separation units,
which will become property of the new joint venture, a new air
separator with a capacity of 1,500 tonnes of oxygen per day will be
erected at Zibo, Shandong Province (PRC), until March 2008. Ultimately,
the joint venture with a staff off around 180 will supply SINOPEC Qilu,
other companies in the Zibo area, and third party markets with a total
of more than 4,000 tonnes of oxygen, nitrogen and argon per day.
"This joint venture will reinforce
the strategic partnership between The Linde Group and SINOPEC. Zibo
BOC Qilu Gases will be the leading supplier of industrial gases in the
region, and improve our capability to serve one of our core customers
with optimal solutions", said Trevor Burt, member of the
Executive Board of Linde AG and responsible for the Asia/Pacific
region.
"With the objective of focusing on
our core business, and looking at the very good track record of BOC in
China, we selected The Linde Group as our partner. The economic
benefits for both parties from this joint venture will secure a
win-win relationship," commented Wang Shude, manager of SINOPEC
Qilu.
The Linde Group is a world leading
industrial gases and engineering company with more than 53,000
employees working in around 70 countries worldwide. Following the
acquisition of The BOC Group, the company has gases and engineering
sales of approximately 12 billion euro. The strategy of The Linde
Group is geared towards earnings-based growth and focuses on the
expansion of its international business with forward-looking products
and services.
BOC, part of The Linde Group since
September 2006, was the first industrial gases company to invest in
China in 1987. BOC's investments, particularly in the chemicals,
electronics and metals sectors in China, now total around USD 600
million. BOC has more than twenty wholly-owned companies and joint
ventures in China, employing some 1,600 people. For more information, please see The
Linde Group online at http://www.linde.com
SINOPEC Qilu, one of the subsidiaries of
SINOPEC Corp., is one of the largest refining-chemical integrated
petrochemical companies in China with the sales revenue of RMB 57.7
billion (USD 7.4 billion) in 2005. Further information may be obtained
from the Internet at www.qilu.com.cn
Posted December 11, 2006
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