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Air Products and Chemicals, Inc. (NYSE:APD) shares are trading higher today. Aramco has agreed to acquire a 50% stake in its Blue Hydrogen Industrial Gases Company (BHIG).
In particular, Saudi Arabia’s largest oil company, Aramco, inked definitive deals to acquire a stake in BHIG, which is based in Jubail and a subsidiary of Air Products Qudra (APQ).
After the transaction, Aramco and APQ, a joint venture of Air Products and Qudra Energy, will each own 50% of BHIG.
The transaction is contingent on standard closing conditions and includes provisions for Aramco to secure hydrogen and nitrogen offtake options.
Aramco is expanding its lower-carbon hydrogen business and alternative energy portfolio through an investment in BHIG.
Dr. Samir J. Serhan, Air Products Qudra Chairman, commented, “It is an honor to further extend Air Products Qudra’s strong partnership with Aramco, working to accelerate the hydrogen economy and driving the creation of the largest hydrogen network in the Middle East, which is expected to serve the refining, chemical, and petrochemical industries.”
Ashraf Al Ghazzawi, Aramco Executive Vice President of Strategy & Corporate Development, said, “We intend to leverage our growing capabilities in carbon capture and storage (CCS), as well as our technical expertise in hydrogen, with the ambition to support the establishment of a vibrant marketplace for lower-carbon hydrogen — helping lay the foundations of a future energy system.”
Also Read: Honeywell’s $1.81B Power Play: Acquires Air Products’ LNG Tech to Lead Energy Transition
Investors can gain exposure to APD via IShares U.S. Basic Materials ETF (NYSE:IYM) and Materials Select Sector SPDR (NYSE:XLB).
Price Action: APD shares are up 3.49% at $268.91 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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