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Air Products will take a 55% stake in an $8 billion gasification and power joint venture now under construction in Saudi Arabia. The combined synthetic gas and power plant, being built by Saudi Aramco at its Jazan refinery, uses gasification technology Air Products acquired from Shell earlier this year. Aramco and a Saudi power developer will hold the remaining shares. The synthesis gas, a mixture of hydrogen and carbon monoxide, will be used to convert crude oil into natural gas, sulfur, benzene, and p-xylene.
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