Gulf Cryo

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Gulf Cryo
Founded1953
FounderSalim Huneidi
HeadquartersKuwait
Dubai, UAE (Corporate Office)
Key people
Amer Huneidi - Chairman
Websitewww.gulfcryo.com

Gulf Cryo is a Middle Eastern company that supplies industrial, medical and specialty gases. The group comprises thirty companies in the MENA region and operates as a closed share holding company.[1] It is considered a leader in the gas industry in the MENA region.[2]

Gulf Cryo was founded by Salim Huneidi in 1953, as the Kuwait Oxygen and Acetylene Company. It was the first gas manufacturer in Kuwait to provide industrial gases such as oxygen and nitrogen to the local petroleum industry.[3]

History

In the early 1950s, Salim Huneidi, who worked as an agent for an international Steel Structure and Construction company felt that there was a shortage of supply of cutting and welding gases in Kuwait. He began researching the industrial processes to supply to the growing demand of industrial gases and built the Arabian Gulf’s first oxygen separation plant in 1953 in Kuwait City, under the name Kuwait Oxygen and Acetylene Company (KOAC).[4][5]

Salim Huneidi signed a deal with the Kuwait Oil Company (KOC) (earlier known as Amen Oil), which led KOC to shut down their small Oxygen plant and start outsourcing this product from local suppliers; that was the base that Salim Huneidi built on for his Industrial gas project in Kuwait.[1]

In 1971, KOAC expanded its operation to the Shuaiba Industrial area in Kuwait and established The Kuwait Industrial Gases Company (KIGC). KIGC would primarily supply its products to the oil and refining infrastructure being built in the Shuaiba area. KIGC built a pipeline between the company and the refineries i.e. The KNPC Group, to provide a continuous supply of Nitrogen to cover their demand.[6]

The Arabian Industrial Gases Company (AIGCo) was formed in 1977 in Sharjah, United Arab Emirates. In 1998, Amer Huneidi, son of Huneidi was appointed as chairman and soon afterwards he led to the consolidation and creation of The Huneidi Group of Companies.[7]

By 2006, Gulf Cryo Qatar was established and in 2007 Gulf Cryo became a holding company. In 2008, Gulf Cryo Saudi Arabia was established. In 2009, Investcorp purchased 20% of the organisation.[8] In late 2009, Gulf Cryo Oman was established. By 2012, Gulf Cryo was established in Iraq, Egypt and Jordan.[9]

In 2013, EQUATE Petrochemical Company, as part of its sustainability initiatives, launched its second CO2 recovery project in Kuwait in partnership with Gulf Cryo.[10] The next year, Gulf Cryo announced expansion of its CO2 business. The company invested in four CO2 hubs in Dubai, Kuwait, Dammam and Amman.

Gulf Cryo acquired Deniz Gaz, a gas company based in Turkey and entered the Turkish market in 2014.[11][12] The same year, Gulf Cryo acquired a minority stake in Tyczka Air Austria.[1] Yaliz Gaz, another Turkish gas company, along with its affiliates was acquired by Gulf Cryo in 2015 increasing the company's coverage in Turkey.[13]

In February 2016, Bahrain Mumtalakat Holding Company, the investment arm of the Kingdom of Bahrain, announced that it has acquired a minority equity stake in Gulf Cryo.[14] Gulf Cryo in partnership with EQUATE Petrochemical Company also launched the first commercial carbon dioxide (CO2) plant in Kuwait.[3][15]

Products

Gulf Cryo produces and supplies industrial gases namely Acetylene, Air, Argon, Carbon Dioxide, Helium, Hydrogen, Oxygen, and Nitrogen. The company also produces medical gases including Entonox, Medical Air, Medical Carbon Dioxide, Medical Nitrogen, Medical Nitrous Oxide and Medical Oxygen. It also produces Dry Ice.[16]

The management systems at Gulf Cryo are complaint to ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 FSC 22000 standards.

References

  1. ^ a b c "Gulf Cryo increases capital by 50 per cent" (Press release). Gulf Cryo. 3 November 2014 – via Zawya.[self-published source]
  2. ^ Staff (27 December 2016). "GCC industrial gases market to rise 7.3% till 2022". The Saudi Gazette. Retrieved 26 Oct 2019 – via Zawya.
  3. ^ a b Staff (17 February 2016). "Kuwait's first CO2 plant officially opened". Manama, Bahrain: Al Hilal Publishing & Marketing Group. TradeArabia News Service. Retrieved 26 Oct 2019.
  4. ^ "Gulf Cryo Group". GPCA Profiles. Archived from the original on 28 November 2015.
  5. ^ ""ممتلكات" البحرينية تستحوذ على 10 في المئة من "جالف كرايو"" [Bahrain's Mumtalakat acquires 10 per cent of Gulf Cryo] (in Arabic). مجموعة الراي الإعلامية. 13 January 2017. Archived from the original on 13 January 2017.
  6. ^ "Kuwait's Gulf Cryo raises capital by 50 pct to 22.5 mln dinars".
  7. ^ "الشروقي: "إنفستكورب" تشتري 20 في المئة من "Gulfcryo"".
  8. ^ "Investcorp Buys Stake in Gulf Cryo". PE HUB. 2009-11-16. Retrieved 2015-03-06.
  9. ^ "ممتلكات البحرين تستحوذ على 10% من جالف كرايو الكويتية".
  10. ^ "Gulf Cryo Increases Capital By 50 Per Cent".
  11. ^ "Acquisition secures Gulf Cryo's foothold in Turkey".
  12. ^ "Enerji devi Gulf Cryo, Yalız Gazı da satın aldı".
  13. ^ "Gulf Cryo purchases Yalız Gaz".
  14. ^ "Development continues at Gulf Cryo, Mumtalakat acquires equity stake in company".
  15. ^ "Gulf Cryo and EQUATE Petrochemical Company inaugurate first CO2 plant in Kuwait".
  16. ^ "Mumtalakat acquires stake in Gulf Cryo".
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