French company to invest $1 billion in the Mideast over the coming five year period
France-based Air Liquide, the leading global industrial gas conglomerate, committed $450 million this week for the construction of two hydrogen production facilities in Saudi Arabia. This investment sets a company record as the biggest single project they have embarked on.
The hydrogen-producing units are set to be included in a refinery on Saudi’s west coast in Yanbu Industrial City and under development and construction by Saudi Aramco Group. This new facility is expected to process 400,000 oil barrels daily once it reaches completion in 2014.
Pierre Dufour, the senior VP for Air Liquide, noted that the 350 million Euro hydrogen project is well in line with the company’s plan to establish itself in the Mideast area, developing their industrial gas infrastructure to stay in line with the evolution of the energy industry.
Over the first six months of 2010 two per cent of the oil and gas services revenue for Air Liquide came from Africa and the Middle East. This 5.7 billion Euro total sales figure represents 90 per cent of Air Liquide’s overall revenue.
The French group also has a presence in Egypt, Kuwait, the UAE, Lebanon, Syria, Qatar and Oman.
Air Liquide is planning on investing $1 billion in the Mideast region in the coming five year period. That is double the $500 million amount invested in the area between 2002 and 2009.Andrew Reid, Staff Writer, Gulf Jobs Market News