Praxair sets up joint venture with Sinopec
Monday May 4, 2009, 2:53 pm EDT
Praxair sets up joint venture in Guangzhou, China, with Sinopec
DANBURY, Conn. (AP) -- Industrial gas maker Praxair Inc. said on Monday that a subsidiary has set up a joint venture in Guangzhou, China, with China Petroleum & Chemical Corp., also known as Sinopec.
The venture with Praxair (China) Investment Co. Ltd. will produce, sell and distribute industrial gases including oxygen, nitrogen, and argon for industrial uses. It will also supply nitrogen for Sinopec Guangzhou Co.
Sinopec is the largest refiner and petrochemical producer in China.
In afternoon trading, Praxair shares rose $3.48, or 4.8 percent, to $76.95, and Sinopec shares added $6.96, or 8.8 percent, to $85.68.
Source: Associated Press
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