Air Products Expands Global Reach with Hydrogen Asset Acquisition in Uzbekistan
Key Ideas
- Air Products to acquire hydrogen production assets in Uzbekistan from Saneg for $140 million.
- The acquisition includes a steam methane reforming unit capable of processing natural gas or LPG.
- Deal expected to close in the fourth quarter, enhancing Air Products' global hydrogen capabilities.
- This acquisition reflects the growing importance of hydrogen in the energy industry and Air Products' strategic expansion.
In a strategic move, Air Products, a United States-based company, has agreed to purchase hydrogen production assets in Uzbekistan from Saneg, the owner of the Ferghana oil refinery. The deal, valued at $140 million, includes a steam methane reforming unit that can process natural gas or LPG for reliable operations. This acquisition is set to bolster Air Products' presence in the global hydrogen market, emphasizing its commitment to expanding its capabilities. The agreement is expected to be finalized in the fourth quarter, marking a significant development in Air Products' portfolio. The transaction underlines the increasing significance of hydrogen as a key player in the energy sector's transition towards cleaner fuels. Air Products' proactive stance in acquiring these assets highlights its dedication to innovation and growth in the evolving energy landscape.