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Praxair And CSPC Sign Industrial Gases Supply Pact For Petrochemical Complex In Guangdong, China

The Wall Street Journal: Praxair And CSPC Sign Industrial Gases Supply Pact For Petrochemical Complex In Guangdong, China

“Praxair Inc. (PX) agreed to supply the oxygen and nitrogen requirements of a $4.3 billion petrochemical complex that CNOOC and Shell Petrochemicals Co. is building in China.”

DOW JONES NEWSWIRES

Posted 10 August 04

DANBURY, Conn. — Praxair Inc. (PX) agreed to supply the oxygen and nitrogen requirements of a $4.3 billion petrochemical complex that CNOOC and Shell Petrochemicals Co. is building in China.

In a press release Monday, Praxair said it will start supplying oxygen and nitrogen to CNOOC and Shell Petrochemicals’ facility in the Guangdong Province in May.

A Praxair spokesman declined to disclose financial terms.

Industrial gas concern Praxiar will build pipelines to supply oxygen and nitrogen to all other chemical and petrochemical customers in Daya Bay Economic and Technical Development Zone.

CNOOC and Shell Petrochemicals is a 50/50 joint venture between Royal Dutch/Shell Group (RD, SC) and a unit of China National Offshore Oil Corp.

New York Stock Exchange-listed shares of Praxair recently traded at $38.08, up 42 cents, or 1.1%.

Company Web site: http://www.praxair.com

-Eamon Beltran; Dow Jones Newswires; 201-938-5400; [email protected]

A Praxair spokesman said the length of the supply contract is 15 years.

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