Praxair, Inc. (NYSE:PX), through a subsidiary, has signed a long-term contract to supply industrial gases to Nanjing Jinling Huntsman New Materials Co., Ltd., a joint venture between SINOPEC Jinling and Huntsman. Jinling Huntsman will use the gases to help build a state-of-the-art propylene oxide (PO) and methyl tertiary butyl ether (MTBE) plant located in Nanjing, East China. PO is a high-quality intermediate compound used to make polyurethane materials, and MTBE is a clean fuel additive.
Praxair will construct its new air separation unit (ASU), with a capacity of 900 tons per day of oxygen, in the Phase II area of Nanjing Chemical Industrial Park (NCIP), a leading, state-level interconnected chemical production facility. Praxair will also build a pipeline in the park to help meet the industrial gas requirements of Jinling Huntsman and other customers throughout NCIP. The ASU is expected to start up in 2016.
“Nanjing Jinling Huntsman New Materials Co., Ltd. is very pleased to select Praxair as its industrial gas supplier and cooperative partner,” said Ju Zhengyu, general manager of Nanjing Jinling Huntsman New Materials Co., Ltd. “As a leading global industrial gases company, Praxair has developed a safe and reliable gas solution for our project.”
“We’re proud to win the trust of Jinling Huntsman,” said Dr. Minda Ho, president of Praxair China. “The air separation plant that we will build will establish Praxair as the first industrial gases pipeline supplier in NCIP, with great potential to supply more customers in the new phase of this top-notch chemical park. Praxair has a strong track record of developing industrial gases supply networks in leading chemical industrial parks such as Shanghai Chemical Industry Park, Huizhou Daya Bay Chemical Industrial Park and Yangzhou Chemical Industry Park. We’re looking forward to applying our world-class air separation technology with high safety, reliability and operational excellence to support our customers in their business goals.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV