Praxair China Sets Up Joint Venture with Sinopec
May 03, 2009
DANBURY, Conn., May 3, 2009 — Praxair, Inc. (NYSE: PX) has announced that its wholly-owned subsidiary, Praxair (China) Investment Co., Ltd., has set up a joint venture in Guangzhou, southern China, with China Petroleum & Chemical Corporation (Sinopec).
The joint venture, Praxair-GPC Industrial Gases Co. Ltd., will produce, sell and distribute industrial gases such as oxygen, nitrogen, and argon for a wide range of industrial applications. It will also meet the demands of Sinopec Guangzhou Company for a quality, reliable nitrogen supply. The venture is expected to start operations in the 4th quarter of 2009.
“This first alliance with Sinopec is a major milestone for Praxair China,” said David Chow, President of Praxair China. “It is also a demonstration of our commitment to continued investment in the Chinese marketplace.”
China Petroleum and Chemical Corporation (NYSE: SNP.N) is an integrated energy and chemical company with principal businesses of exploration, production and trading of petroleum and natural gas, refining and sales of petroleum products and production and sales of chemical products. For more information on Sinopec contact www.sinopec.com.
About Praxair China
Praxair (China) Investment Co., Ltd is a leading industrial gas provider in China. It is headquartered in Shanghai, has 18 wholly owned companies, 10 joint ventures and over 1,200 employees in the country. More information on Praxair China is available on the Internet at www.praxair.cn.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2008 sales of $10.8 billion. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.