Saudi Aramco, Air Products, ACWA Power signs JV gasification megaproject in Jazan Economic City
Saudi Aramco, Air Products, and ACWA Power have signed a Term Sheet to form an over US$8 billion Gasification/Power joint venture (JV) located at Jazan Economic City (JEC) in Saudi Arabia.
The integrated gasification combined cycle power plant megaproject processes heavy and medium crude oil to create liquefied petroleum gas, sulfur, asphalt, benzene, and paraxylene, and add 400,000 barrels per day of refining capacity. It produces power, hydrogen and other utilities for Saudi Aramco.
The joint venture will own and operate the facility under a 25-year contract for a fixed monthly fee with Air Products owning the 55% of the JV. The companies will develop the facility under the Public Private Partnership (PPP) model.
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