Item 8.01. Other Events.
On January 20, 2023, Air Products and Chemicals, Inc. (the "Company") announced
that Jazan Integrated Gasification and Power Company ("JIGPC"), the Company's
$12 billion gasification and power joint venture with Saudi Aramco Power Company
(a subsidiary of Saudi Arabian Oil Company and together, "Aramco"), ACWA Power
and Air Products Qudra, completed a second drawdown under its finance documents
and purchase of a second group of assets from Aramco (together, the "Second
Closing").
At the Second Closing, the Company contributed approximately $908 million
(inclusive of approximately $73 million from the non-controlling partner of Air
Products Qudra) and JIGPC purchased additional gasification, syngas clean up and
power assets from Aramco for $4.15 billion. JIGPC receives a fixed monthly fee
for the products it supplies to Aramco under the agreement, which will increase
following the Second Closing. The parties expect to complete minor final
commissioning items for the project later this calendar year.
A copy of the Company's press release, dated January 20, 2023, announcing the
completion of the transaction is filed as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated January 20, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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