Aramco, Air Products, ACWA Power and Air Products Qudra have announced a $12 billion (€10.2 billion) air separation unit (ASU)/gasification/power joint venture (JV) project in Jazan Economic City.
Aramco via its subsidiary Saudi Aramco Power Company (SAPCO) has a 20% share in the venture; Air Products 46%; ACWA Power 25%; and Air Products Qudra 9%.
The venture is purchasing the ASUs, gasification, syngas cleanup, utilities and power assets from Aramco.
Aramco will supply feedstock to the JV, and the JV will produce power, steam, hydrogen and other utilities for Aramco.
The JV serves Aramco’s Jazan Refinery, a megaproject to process 400,000 barrels per day of the crude oil to produce the main products such as ultra-light sulphur diesel, gasoline and other products.
Mohammed Al Qahtani, senior vice president of downstream, Aramco, said: “We are very pleased to reach this significant milestone. Aramco originally built the world’s largest integrated gasification combined cycle (IGCC) complex to employ gasification technology for the first time in the Kingdom and to keep pace with the development of the Kingdom’s Southern Province industrially and economically.
This JV is meant to be central to the self-sufficiency of our megaprojects at Jazan.”
Air Products chairman, president and CEO, Seifi Ghasemi added: “We are very proud to announce the finalisation of the definitive agreements for this complex transaction and now move forward. This is a perfect fit with our growth strategy.”
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