Air Products buys hydrogen assets in Uzbekistan for $140M

Air Products and Chemicals Inc. has agreed to acquire Sanoat Energetika Guruhi’s (Saneg; Tashkent, Uzbekistan) hydrogen assets at the Fergana, Uzbekistan, oil refinery for $140 million. The deal is expected to close in the fourth quarter. Saneg is Uzbekistan’s largest private oil and gas producer. The Fergana refinery, operated by Saneg, is undergoing a modernization and expansion. Saneg said that among the refinery’s modernization goals is helping the Uzbekistan government to diversify energy sources by scaling up the production of hydrogen. In 2021, the Fergana refinery chose Air Products to supply two pressure swing adsorption (PSA) units to produce hydrogen. The acquisition also includes a steam methane reformer. “These assets, combined with the two PSA units originally supplied by Air Products, will ensure a reliable source of hydrogen production that can fulfil the demand of the refinery as well as the merchant market,” said Saneg.

Source: S&P Global Commodity Insights