Saudi Aramco to build $2bn Jazan plant with ACWA
The development, to be owned in a 75:25 contract between ACWA and US's Air Products and Chemicals, will reportedly be the world's largest gas complex upon completion
Saudi Aramco will build a $2.1bn (SAR7.8bn) industrial complex in Jazan.
The development, set to be the world's largest for gas, will supply 20,000 metric tonnes of oxygen and 55,000 metric tonnes of nitrogen to its Jazan refinery for 20 years.
Arabian Company for Water and Power Development (ACWA) has been appointed to carry out the project.
Shariah-compliant financing methods will be used for the project, which will be developed with America's Air Products and Chemicals, in a build-own-operate (BOO) agreement.
Up to $1.8bn (SAR6.7bn) of the project's funds will be generated through ten international and national banks.
Saudi banks involved in the financing deal include Banque Saudi Fransi, Samba Financial Group, Al-Inma Bank, Saudi British Bank and the National Commercial Bank.
The list of foreign banks includes Mizuho Bank, Societé Generale, Sumitomo Mitsui Bank, Bank of Tokyo-Mitsubishi UFJ, and First Gulf Bank.
ACWA will own 75% of the project, while Air Products will own 25%.
According to Arab News, Mohamed Abunayan, chairman of ACWA, said the development highlights the strength of Saudi's economic and the public-private partnership (PPP) model.