Air Products Inc, a US-based provider of gases and chemicals for industries, completed the acquisition of the remaining 50% stake in the gasification technology JV from China Energy Group’s subsidiary- China Shenhua Coal to Liquid and Chemical Co. Ltd.
Air Products earlier acquired 50% stakes in the joint venture following the acquisition of General Electric Company's ("GE") gasification business in 2019.
The company continues to strengthen its presence in gasification projects. In 2020, Air Products announced plans to invest $2 billion in a coal-to-methanol plant in Indonesia.
It is also expanding its presence in the industry through planned projects in China, Saudi Arabia, and other markets.
The company registered sales of $2.5 billion during Q1 2021, representing about a 13% increase over the same period during the previous year 2020.