Trade News
- The joint venture between Linde and Sinochem Group marks the first partnership between both companies and will further drive growth for Linde in the province of Fujian in south-eastern China.
- Linde will construct and operate a new air separation plant and supply industrial gas products and services to Sinochem Quanzhou Petrochemical’s oil refining and ethylene project. The new plant will deploy Linde’s most advanced air separation technology for the first time in China.
- This landmark partnership between Linde and Sinochem solidifies Linde’s leading position in China and creates significant opportunities for additional growth.
Fujian, China, 31 October 2018 – The technology company The Linde Group, together with Sinochem Group Co. LTD, one of the four national oil companies in China, held a piling ceremony for its strategic joint-venture project to construct and operate a new air separation unit and provide long-term gas products and services to Sinochem Quanzhou Petrochemical Co., Ltd. for its oil refining and ethylene project (hereinafter referred to as Sinochem Quanzhou project). Linde holds a 51 percent stake while Sinochem holds 49% stake in the new joint venture.
Sanjiv Lamba, Member of the Executive Board, Linde AG, and Chief Operating Officer, Asia Pacific, said, “Linde is proud to enter into this inaugural partnership with Sinochem. This partnership with Sinochem solidifies Linde’s leading position in the market and builds upon the strong foundation which we have established in China. We look forward to a successful and long-term cooperation with Sinochem in continuing to grow and develop the industry. China will continue to be a strategic growth driver and an important part of Linde’s growth aspirations in Asia.”
“We attach great importance to the advanced management and operation experience of The Linde Group,” said Jiang Zhenghong, Vice President of Sinochem Group and President of Sinochem Energy Co. Ltd. “Their high efficiency and low energy consumption capabilities are also in line with the needs for further industry upgrading, optimisation and sustainable development. The Sinochem Quanzhou project is an important facet of development for the Chinese petrochemical industry, and it is our belief that these two companies will complement one another to achieve success and to jointly provide quality services in the industry.”
The joint venture will provide long-term industrial gas products and services to Sinochem Quanzhou Petrochemical’s oil refining and ethylene project with the construction and operation of a new air separation unit (ASU), with an hourly oxygen production capacity of up to 42,000 standard cubic meters, in order to meet the Sinochem Quanzhou project’s growing demand for high quality gases.
The new facility, known as ASU 2.0, will be the first of its kind by Linde in the China market, that uses the most advanced Linde-patented technology of High Air Pressure process (HAP) and allowing for improved power consumption as well as cost reduction and a smaller plant footprint. Combined with Linde’s Remote Operating Centre (ROC) for efficient and reliable plant operations and experience in on-site account management, the new ASU can be adjusted on demand, which will greatly improve reliability in gas supply and reduce production costs.
About The Linde Group
In the 2017 financial year, The Linde Group generated revenue of EUR 17.113 bn, making it one of the leading gases and engineering companies in the world, with approximately 58,000 employees working in more than 100 countries worldwide. The strategy of The Linde Group is geared towards long-term profitable growth and focuses on the expansion of its international business, with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development.
For more information, see The Linde Group online at www.linde.com.
About Sinochem Group
Headquartered in Beijing, China, Sinochem Group was founded in 1950. Its predecessor was China National Chemicals Import and Export Corporation. Sinochem Group is a key state-owned enterprise under the supervision of State-Owned Assets Supervision and Administration Commission of the State Council of China (SASAC).
Sinochem Group is one of China’s four state oil companies, China’s leading chemical service provider, China’s biggest agricultural input (fertilizer, seed and agrochemicals), as well as integrated modern agricultural operator . Sinochem also exerts strong influence in high-end real estate, hotel and non-banking financial service sector. As a market-oriented global conglomerate, Sinochem’s quality products and services are relevant to many aspects of the mass economy and people’s well-being.
Sinochem’s vision is to become a respectable transnational conglomerate. Looking into the future, Sinochem will continue to uphold the philosophy of Creating Value, Pursuing Excellence,” shoulder corporate social responsibility, and dedicated to innovative, harmonious and green development. We will redouble our efforts in developing a long-lasting business foundation, committed to the creation of well-being to our stakeholders and the general public in a sustainable way.
