By Rhea Healy2016-06-16T10:55:00+01:00
It seems as if an official joint venture (JV) between Air Liquide Global E&C Solutions and Russian outfit, OMZ, is in the pipeline after receiving the necessary approvals from the European Commission.
A public document from the governing body outlined that a simplified JV procedure is currently underway and stated, “The European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market.”
There has not been any official news from either camp yet but it is understood that if, although more likely when, the JV application is formally finalised, Air Liquide E&C and OMZ will unite to create a new company.
That JV will then engineer and design services and equipment relating to natural gas liquefaction processes.
The notification of proposal was originally received on 19th May 2016 but gave no details as to when the merger would take effect or the deal’s financial details.
The E&C branch of industrial gas giant, Air Liquide, designs, develops and produces gas production units, whilst OMZ, an international heavy industry and manufacturing conglomerate, develops and produces air separation technologies and equipment, supplies industrial gas and develops solutions for natural gas and liquefied natural gas (LNG) refinement.
Amidst a backdrop of sustained downward spiral in the price of oil over the last 12 months, preliminary figures emerging from Russia reveal the country’s economy contracted more than 3.5% last year.
The Hungarian outfit of industrial gas giant, Messer, has officially completed the transaction and gained the relevant approvals to acquire Air Liquide’s business in Hungary.
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