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Save to Reading List Published by Senior Editor Callum O'Reilly, Hydrocarbon Engineering, Monday, November 1, 2021 09:00
Air Products has announced the completion of an approximately US$12 billion air separation plant/gasification/electricity joint venture (JV) asset acquisition and project financing transaction with Saudi Aramco, ACWA Power and Air Products Qudra in Jizan, Saudi Arabia.
The joint venture has purchased air separation plants, gasification, syngas purification, utilities and power assets from Saudi Aramco. The joint venture owns and operates the facility under a 25-year fixed monthly fee contract. Saudi Aramco provides raw materials for the joint venture, and the joint venture produces electricity, steam, hydrogen and other utilities for Saudi Aramco.
Saudi Aramco, through its subsidiary, Saudi Aramco Power Company, owns 20% of the joint venture; Air Products 46%; ACWA power 25%; and Air Products Qudra (a 51/49 joint venture between Air Products and Qudra Energy) It accounts for 9% of joint ventures. Air Products' total ownership position is 50.6%, of which 46% is direct ownership and 4.6% is Air Products Qudra.
The joint venture provides services to Saudi Aramco’s Jazan refinery, a large-scale project that processes 400,000 barrels of crude oil per day and produces key products such as ultra-light sulfur diesel, gasoline and other products.
Read the article online: https://www.hydrocarbonengineering.com/gas-processing/01112021/jv-completes-asset-acquisition/
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