Industrial gases producer Praxair Inc. said Tuesday it finalized an agreement to supply hydrogen and steam to BP PLC's Whiting, Indiana refinery complex.
Financial terms were not disclosed.
Under the agreement, Praxair will build two new hydrogen plants with a total capacity of 200 million standard cubic feet per day. The plants are scheduled to start up in the second half of 2010.
The use of hydrogen will allow BP to produce very low-sulfur gasoline and diesel fuels and to upgrade heavy Canadian crude oil to lighter, cleaner-burning fuels, Praxair said.
Praxair shares fell 15 cents to $89.69 in midday trading, while BP shares dropped $3.54, or 6.1 percent, to $54.09 as the price of oil tumbled.
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