Financing agreements for $12 bn ASU/gasification/power joint venture

28 September 2021

Aramco, Air Products, ACWA Power and Air Products Qudra have announced the signing and finalisation of definitive agreements for the asset acquisition and project financing of the $12 billion air separation unit (ASU)/gasification/power joint venture in Jazan Economic City.

Aramco via its subsidiary Saudi Aramco Power Company (SAPCO) has a 20 % share in the JV, Air Products 46 %, ACWA Power 25 %, and Air Products Qudra 9 %. Air Products’ total ownership position is 50.6 %, 4. 6% deriving from its stake in Air Products Qudra.

The JV is purchasing the ASUs, gasification, syngas cleanup, utilities and power assets from Aramco. The JV owns and operates the facility under a 25-year contract for a fixed monthly fee. 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.

All parties expect asset transfer and funding to occur during October 2021.  


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