When Seifi Ghasemi took the helm as CEO of Air Products in 2014, he inherited a company at a crossroads. Over the next decade, Ghasemi set the industrial gases giant on a particular path, spearheading some strikingly ambitious projects.
From multi-billion-dollar gasification plants to groundbreaking hydrogen initiatives, Ghasemi’s tenure was defined by bold investments. As the company transitions to new leadership under former Linde executive Eduardo Menezes, we take a look back at some of the landmark projects that defined Ghasemi’s era.
One of the defining projects of Ghasemi’s leadership was the Jazan Integrated Gasification and Power Project in Saudi Arabia. Valued at around $12bn, it stands as one of the largest industrial gas complexes in the world.
The scale of the project reflected Ghasemi’s appetite for high-stakes investments that pushed Air Products’ operational capabilities and aligned with global energy shifts. The facility, designed to supply syngas for power generation, positioned Air Products as a key player in Saudi Arabia’s Vision 2030 strategy, diversifying the Kingdom’s energy mix beyond oil.
Speaking at the time, Ghasemi said, “This is a perfect fit with our growth strategy. It is a value-creating investment for Air Products and leverages our core syngas purification and industrial gas production capabilities.”
Ghasemi’s vision for hydrogen as the fuel of the future came into sharp focus with the $4.5bn Louisiana Blue Hydrogen Clean Energy Complex. Announced in 2021, the facility was a statement of intent by Air Products, aimed at showcasing its commitment to the energy transition and leveraging carbon capture technologies to produce low-carbon hydrogen at scale.
Referring to Louisiana Blue as a”‘landmark megaproject”, Ghasemi saw it as an opportunity to take advantage of the company’s extensive US Gulf Coast hydrogen pipeline network and construct a facility that would “serve as a leading example of clean energy production around the globe.”
In Canada, Air Products’ $1.3bn Net Zero hydrogen energy complex in Alberta further demonstrated Ghasemi’s belief in hydrogen’s potential. This facility, aimed at producing hydrogen with near-zero emissions, showcased the company’s ability to integrate renewable energy with advanced carbon capture solutions – a blueprint for sustainable energy infrastructure.
First unveiled in June 2021, the project sought to harness the company’s existing 55km Alberta Heartland Hydrogen pipeline to ‘set the benchmark’ for competitive hydrogen to support growth in Alberta, leading to Air Products’ winning the Best Carbon Management Initiative Award from Chemical Week.
Beyond project investments, Ghasemi’s strategic acquisitions also shaped Air Products’ trajectory. The purchase of GE’s gasification business in 2018 was one such move, consolidating Air Products’ position in the syngas market and enhancing its technological portfolio.
The buyout not only expanded the company’s capabilities but also provided a competitive edge in emerging markets where gasification plays a critical role in energy and chemical production.
Yet Ghasemi’s legacy is far from faultless. Critics pointed to the immense capital required for many projecrs, questioning the risks associated with such investments. Operational delays and cost overruns were also points of contention, particularly in large-scale ventures like Jazan.
Allied to this, there were questions about his management style and his power at Air Products.
Earlier this year, global investment firm DE Shaw expressed its “continued disappointment” with Air Products’ failure to manage an effective CEO succession process. This was prompted by Ghasemi extending his term at the top of the business until September 2028, leading DE Shaw to criticise Ghasemi’s “seemingly unfettered decision-making authority.
“For years, Ghasemi appears to have gone virtual unchecked as he normalised the practice of committing to multi-billion-dollar projects without securing offtake partners – an uncharacteristically risky strategy for an industrial gas company – leading to billions of shareholder value destruction in the process,” stated the company.
However, supporters may argue that Ghasemi’s boldness was precisely what propelled Air Products from a traditional industrial gas supplier to a diversified energy leader, even it was at times, in the eyes of some, at the expense of shareholder returns.
As the company now navigates a new chapter under Eduardo Menezes, the foundations laid by Ghasemi’s billion-dollar bets will continue to influence its strategic direction. Whether these projects deliver long-term value in an evolving energy landscape remains to be seen, but there is little doubt that Ghasemi’s tenure redefined the scale and ambition of what Air Products could achieve.
