Air Products, Saudi Aramco and ACWA Power have signed a deal to form a gasification/power joint venture (JV) located at Jazan Economic City (JEC) in Saudi Arabia.
The JV will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for more than $8bn. These assets are currently under construction and will be transferred to the JV upon successful start-up, currently scheduled in 2019.
The JV will own and operate the facility under a 25-year contract for a fixed monthly fee. Saudi Aramco will supply feedstock to the JV, and the JV will produce power, hydrogen (H2) and other utilities for Saudi Aramco. Air Products will own at least 55% of the JV, with Saudi Aramco and ACWA Power owning the balance.
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