Air Products Awarded Long-Term Hydrogen and Nitrogen Supply Agreement for Indian Oil Corporation

New Industrial Gas Complex will be Air Products' Second Build, Own and Operate Onsite Facility in India

LEHIGH VALLEY, Pa. and PUNE, India and BARAUNI, India, June 8, 2022 /PRNewswire/ -- Air Products (NYSE: APD), a world leader in industrial gases and large-scale project development, execution and operation, today announced the signing of a long-term supply agreement with Indian Oil Corporation Limited (IOCL), India's flagship national oil company. Air Products will build, own and operate (BOO) a new industrial gases complex supplying hydrogen, nitrogen and steam to IOCL's Barauni Refinery in Bihar, India.

The new industrial gas complex will aid IOCL's capacity expansion from six to nine million tonnes per annum producing Euro-VI or BS-VI compliant gasoline and diesel at its Barauni complex. The industrial gas complex will include the latest generation multi-feed hydrogen production facility supplying 70,000 normal cubic meters per hour (Nm3/hr) of hydrogen as well as steam, and a high-efficiency air separation unit producing 4,000 Nm3/hr of nitrogen.

Air Products expects the new industrial gas complex for IOCL to come onstream in 2024.

Air Products' chief operating officer Dr. Samir J. Serhan said, "We are honored to work with IOCL, the largest petroleum refining company and largest Public Sector Undertaking in India. As one of the fastest growing economies in the world, our latest strategic investment in India will provide an efficient combination of industrial gas production technologies, enabling IOCL to meet ever-increasing transportation fuel demand. We look forward to reliably supplying IOCL's industrial gas needs for decades to come."

Juan Gonzalez, vice president, Large Project Business Development, Air Products Middle East, Egypt, Turkey and India, said, "We are proud to work with IOCL as they look to significantly expand their operations at Barauni. We look forward to bringing our global expertise, experience and world-class engineering capabilities to this project."

Once completed, the Barauni project will be Air Products' second BOO project in India, after the Kochi Industrial Gas complex at BPCL's Kochi Refinery.

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage.

Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of about $55 billion. More than 20,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Air Products' Cautionary Note Regarding Forward-Looking Statements: This release contains "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 expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

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SOURCE Air Products