Page 155 - CW E-Magazine (23-7-2024)

News from Abroad

INORGANIC GROWTH
Honeywell to acquire Air Products’ LNG unit

for $1.81-bn

Diversified American conglomerate, tion will further strengthen our energy
Honeywell, has agreed to buy Air transition portfolio, and Air Products’
Products’ liquefied natural-gas (LNG) CWHE technology will immediately
process technology and equipment expand our installed base – creating
business for $1.81-bn in cash. new opportunities to compound growth
in aftermarket services and digitali-
The deal would complement Honey- sation through our Honeywell Forge
well’s existing LNG pretreatment platform,” he added. This is the fourth
business by adding technologies such acquisition Honeywell has announced
as heat exchangers and cryogenic consists of a comprehensive portfolio, this year as part of its disciplined
equipment to its portfolio, amid grow- including in-house design and manu- capital deployment strategy. The company
ing demand for the fuel in key end-mar- facturing of coil-wound heat exchan- is focused on high-return acquisitions
kets including power and data centres. gers (CWHEs) and related equipment. that will drive future growth across
CWHEs provide the highest through- its portfolio, which is aligned with
As a result of the acquisition, Honey- put of natural gas in a single exchanger the “three compelling megatrends of
well will be able to offer its customers with a small footprint and robust, reli- automation, the future of aviation and
a comprehensive solution for managing able and safe operations both onshore energy transition.”
their energy transformation journey. and offshore.
The new holistic offering will encom- Air Products and Chemicals dis-
pass natural gas pre-treatment and lique- “While the world continues to build closed in a regulatory filing that around
faction, utilising digital automation the renewables-based energy infra- 475 employees from its LNG business
technologies unified under the Honey- structure of the future, natural gas is will transition to Honeywell upon the
well Forge and Experion platforms. a critical lower-emission and afford- deal’s closure. The LNG business has its
“This full-service solution will enable able transition fuel that will help meet headquarters in Allentown, Pennsylvania
efficient, reliable and optimised man- ever-increasing and dynamic global (USA) and operates a 390,000-square-
agement of natural gas assets,” Honey- energy demands,” said Mr. Vimal Kapur, foot manufacturing facility in Port Man-
well said. Air Products’ LNG process Chairman and CEO of Honeywell. atee, Florida, where all sizes of CWHEs
technology and equipment business “This highly complementary acquisi- are made.

LOWER EMISSION ASSETS
Shell to invest in Ruwais LNG project in Abu Dhabi

Shell Overseas Holdings Ltd., a “In line with our strategy to create 1-mtpa of LNG produced by the project.
subsidiary of oil & gas giant Shell, has more value with less emissions, we are The Ruwais LNG facility is set to have
signed an agreement to invest in the investing in additional LNG capacity an electric-powered liquefaction sys-
Abu Dhabi National Oil Company’s and further growing our world-leading tem and will utilise renewable power.
(ADNOC) Ruwais liquefied natural gas LNG portfolio, with energy-efficient This design supports lower operatio-
(LNG) project in Abu Dhabi through a and carbon-competitive projects,” said nal emissions compared to traditional
10% participating interest. Shell’s CEO, Mr. Wael Sawan. The gas-powered LNG facilities. ADNOC
Ruwais LNG project will consist of has awarded an engineering, procure-
ADNOC will hold a majority 60% two 4.8-mtpa LNG liquefaction trains ment and construction (EPC) contract
share in the project and serve as the with a total capacity of 9.6-mtpa. Shell, to a Technip-led joint venture and will
lead developer and operator of the through its subsidiary Shell Inter- soon start construction in Al Ruwais
facility, while Shell, BP, Mitsui and national Trading Middle East Ltd. FZE, Industrial City, Abu Dhabi. LNG delive-
TotalEnergies will each hold 10%. has also signed an agreement to offtake ries are expected to start in 2028.

Chemical Weekly July 23, 2024 155

Contents Index to Advertisers Index to Products Advertised