Responding to Media Reports, Air Products Confirms Withdrawal from Indonesia Coal Gasification

LEHIGH VALLEY, Pa., March 23, 2023 /PRNewswire/ -- In response to media reports, Air Products (NYSE: APD) today confirmed that it is no longer involved in the coal-to-methanol Bengalon, East Kalimantan, Indonesia project, nor in other coal gasification projects in Indonesia.

The financial landscape for blue and green hydrogen projects has significantly changed in the last year, driving increasing opportunities for Air Products to invest in these energy transition projects around the world. As a result, the Company has decided to redeploy its financial resources on such energy transition opportunities.

Air Products remains committed to its core industrial gas business in Indonesia.

Air Products expects to provide further updates on its fiscal second quarter earnings call.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' core business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally ­provides turbomachinery, membrane systems and cryogenic containers.

The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of about $65 billion. More than 21,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.