10-12-2013

Air Products and Takamul Investment announce the formation of a new JV

Air Products, the leading global hydrogen provider, and Takamul Investment Company, a subsidiary of the Oman Oil Company, today announced they have signed a joint venture agreement to establish an integrated industrial gases venture, which will become a one-stop provider for a full range of industrial gases such as hydrogen, nitrogen and oxygen for all customers in the Special Economic Zone at Duqm (SEZAD), Oman.

The joint venture will support the economic development of the Special Economic Zone at Duqm and will enhance its competitiveness to attract further industrial investments. It will also aim to deliver the highest operational excellence by leveraging Air Products’ world-class capabilities in large industrial gas plant design, pipeline infrastructure development and operational know-how, as well as Takamul’s strong multi-utility infrastructure position in Duqm, via its Centralised Utility Company (CUC).

Commenting on the formation of the new joint venture, Thomas Wendahl, regional vice president of Air Products - Middle East, said, “This new joint venture will truly be of mutual benefit. It will help to strengthen Air Products’ presence in Oman, enabling the growth of our business in the emerging industrial area of Duqm, while complementing Takamul’s investment portfolio in Oman with the addition of a commercial stake in industrial gases.”

Hilal Al Kharusi, Chairman of Takamul, added,”Following a thorough and extensive evaluation process to select Air Products as one of our strategic partners, I am delighted to be announcing our agreement today. There is a lot we can learn and benefit from partnering with international companies such as Air Products as we drive to bring reliable, high quality, centralized utilities to the SEZAD. With Air Products’ proven track record in Oman and the Middle East, we will be working with them to provide innovative solutions for large scale industrial gases that will enable our customers to become more productive, energy efficient and sustainable.”

Strategically located along the Gulf of Oman with a long coastline running along the Arabian Sea, Duqm has been targeted for development as a major maritime gateway for trade in crude oil from the Gulf, and as an important industrial and commercial hub. With a land area of 1,777 square kilometres and an 80-kilometre coastline, the Duqm SEZ will rank as the largest SEZ in the Middle East and North Africa region and one of the largest in the world. It will be administered, regulated and developed by the Duqm Special Economic Zone Authority, a financially and administratively independent government entity. Encompassing a sea port, city centre, industrial zone, tourism zone, logistics centre and an education and training zone, all supported by a multi-modal transport system connecting the SEZ to nearby regions, the development of the SEZ is expected to take place in three phases from now until 2025.