May 4 2009
Praxair, Inc. (NYSE: PX) has announced that its wholly-owned subsidiary, Praxair (China) Investment Co., Ltd., has set up a joint venture in Guangzhou, southern China, with China Petroleum & Chemical Corporation (Sinopec).
The joint venture, Praxair-GPC Industrial Gases Co. Ltd., will produce, sell and distribute industrial gases such as oxygen, nitrogen, and argon for a wide range of industrial applications. It will also meet the demands of Sinopec Guangzhou Company for a quality, reliable nitrogen supply. The venture is expected to start operations in the 4th quarter of 2009.
"This first alliance with Sinopec is a major milestone for Praxair China," said David Chow, President of Praxair China. "It is also a demonstration of our commitment to continued investment in the Chinese marketplace."