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  • 28-09-21

    Saudi Aramco, ACWA Power, Air Products sign asset acquisition, project financing deals

    (MENAFN) According to a press release, a fellowship of Saudi Aramco, Air Products, ACWA Power and Air Products Qudra inked a deal of asset acquisition and project financing for a USD12 billion air separation unit, gasification and power joint venture in Jazan Economic City.

    Senior vice president of downstream, Saudi Aramco, Mohammed Al-Qahtani further declared that “This JV is meant to be central to the self-sufficiency of our megaprojects at Jazan.”

    It serves Aramco’s Jazan Refinery, a megaproject to operate 400,000 barrels per day of the crude oil to set the main products such as ultra-light sulfur diesel, gasoline, and other products.

    During October 2021, all parties in the company estimate asset transfer and funding to take place. Air Products are planning to carry out a public investor call at that time.

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