Saudi Aramco, Air Products, ACWA Power to form $11.5bn power plant JV
The proposed joint venture with Air Products and ACWA Power will own and operate the Jazan Integrated Gasification Combined Cycle and Power Plant and Jazan Air Separation Unit, valued at approximately USD $11.5bn.
Saudi Aramco announced its intention to establish the Jazan Power Joint Venture. The JV will be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by Air Products Qudra. In addition, the Company signed seven MoUs at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.
The Jazan Integrated Gasification Combined Cycle and Power Plant, and the Jazan Air Separation Unit will require a $11.5bn investment.
Ahmad A. Al-Sa’adi, Saudi Aramco’s senior vice president of Technical Services, attended FII in addition to Nabil Al Nuaim, Saudi Aramco’s chief digital officer, who headlined a panel discussion on how business can best leverage data to anticipate risks, improve performance and optimise operations.
Al Sa’adi, reaffirmed the company’s position, saying: “Saudi Aramco aims to promote business investment opportunities through technology across the Kingdom’s energy services sector ecosystem. 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.“