Aramco, Acwa Power, Air Products to establish $11.5bn joint venture
Joint venture will be owned 46% by Air Products, 25% by Aqua Power, 20% by Aramco, and 9% by Air Products Qudra
The world’s largest oil producer Saudi Aramco announced that it will establish a $11.5bn joint venture with US-based manufacturer Air Products and Saudi-based Acwa Power to own and operate the Jazan Integrated Gasification Combined Cycle and Power Plant and the Jazan Air Separation Unit in Saudi Arabia.
The joint venture will be owned 46% owned by Air Products, 25% by Aqua Power, 20% by Aramco, and 9% by Air Products Qudra, Aramco confirmed in a statement.
Aramco also signed seven Memorandums of Understanding (MoU) during the Future Investment Initiative being held on 29-31 October at the Ritz-Carlton hotel in Riyadh.
Commenting on the slew of deals made, senior vice president of technical services at Aramco, Ahmad Al Sa’adi, said: “Saudi Aramco aims to promote business investment opportunities through technology across the kingdom’s energy services sector ecosystem.”
Al Sa’adi added: “The agreements signed today support the Kingdom’s plans to develop industrial zones, create jobs and attract foreign direct investment, as well as drive economic diversification.”