Aramco signs agreement for asset acquisition and project financing of $12 billion air separation unit
The Oil giant Aramco , Air Products, ACWA Power and Air Products Qudra announced the signing of definitive agreements for the asset acquisition and project financing of the $12 billion air separation unit, gasification/power joint venture in Jazan Economic City.
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.
The Senior Vice President of Downstream, Aramco, Mohammed Al Qahtani, 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, said:
“We are very proud to announce the finalization of the definitive agreements for this complex transaction and now move forward. 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.
