- Praxair (PX +0.6%) is higher after announcing a 15-year agreement to supply Celanese (CE +0.4%) with carbon monoxide, as well as oxygen and nitrogen, in the U.S. Gulf Coast.
- PX says it also will expand its extensive hydrogen pipeline network to enable the supply of 80M cf/day of co-produced hydrogen to meet the requirements of other new customers along the Gulf Coast, and build a new air separation unit on its nitrogen and oxygen pipeline network to provide the industrial gases required by CE; the plants and pipeline expansions will require more than $300M in combined investment.
- PX says that together with the previously announced Geismar, La., project that will start up in H2 2018, the company's carbon monoxide capacity along the Gulf Coast will more than double.