Saudi Arabia’s Aramco, Air Products, ACWA Power, and Air Products Qudra have signed acquisition and project financing agreements for a $12 billion air separation unit (ASU) gasification joint venture in Kingdom’s city of Jazan, according to Aramco.
The consortium is expected to increase job opportunities and transfer the most advanced technologies in the field to the Kingdom, allowing Saudi talent to employ the technology for the first time.
Aramco via its subsidiary Saudi Aramco Power Company (SAPCO) has a 20 percent share in the joint venture, Air Products 46 percent, ACWA Power 25 percent, and Air Products Qudra nine percent.
Aramco will supply the joint venture with crude oil, which the joint venture will use to produce power, steam, and hydrogen.
All parties under the joint venture expect asset transfer and funding to occur in October 2021.