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Air Products to Acquire 5 Operating Hydrogen Plants from PBF Energy for USD 530m
Tuesday 31 March 2020

US-based Air Products (NYSE: APD) has agreed to acquire five hydrogen steam methane reformer hydrogen production plants from PBF Energy Inc. (NYSE: PBF) for USD 530m, the company said.

The acquisition includes a long-term supply of hydrogen from those already operating plants to PBF refineries. The SMRs, with a combined nearly 300 m standard cubic feet per day of production capacity, are located in Torrance and Martinez, California and Delaware City, Delaware.

The deal is targeted to close during the third quarter of Air Products' 2020 fiscal year.

Air Products currently operates 12 industrial gas facilities in California, which includes five hydrogen production plants. The hydrogen from these plants is used in the making of ultra-low sulphur transportation fuels (gasoline, diesel and jet). Air Products also supplies hydrogen for fueling and fueling infrastructure in California to support the growing fleet of hydrogen fuel cell electric vehicles.

The SMR being purchased in Delaware City would be Air Products' first major asset operating in Delaware.

Air Products (NYSE: APD) is an industrial gases company in operation. Focussed 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.

PBF Energy Inc. (NYSE: PBF) is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio.
Date Published: 31/03/2020