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, Saudi Aramco and ACWA Power form gasification/power joint venture