By Joanna Sampson2019-10-29T17:13:00+00:00
Air Products today confirmed it is in final negotiations to form an $11.5bn joint venture with Saudi Aramco, ACWA Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City.
The Jazan Power Joint Venture would be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by Air Products Qudra.
Air Products said the transaction is expected to close by the end of the calendar year.
The US industrial gas giant first revealed news about the joint venture in August 2018.
Air Products will showcase its advanced industrial gas solutions for the agrochemical and specialty chemical manufacturing markets next week at Specialty & Agro Chemicals America.
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