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Saudi Aramco in $8-bln JV with Air Products and ACWA

DHAHRAN, August 13, 2018 – Saudi Aramco has agreed to form a JV focused on gasification and power with Air Products and ACWA Power, the Saudi NOC announced on Sunday.

The USD 8-billion company will operate in Jazan Economic City in Saudi Arabia. US-based Air Products will hold at least 55% of the stakes in it, the press release added.

 

“The Gasification/Power JV will be central to the self-sufficiency of our megaprojects at Jazan,” said Abdulaziz Al Judaimi, Aramco’s senior vice-president for downstream.

“The JV will enhance the overall value of the refinery and integrated gasification combined cycle power plant, and aid in transforming the province by positioning JEC for additional foreign direct investment and private sector involvement.”

Saudi-headquartered ACWA Power develops and operates power and water desalination plants in the Middle East and Africa.

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