Jazan Gas Projects Company (JGPC) has won two finance awards for the outstanding infrastructure financing of its $2.1bn air separation unit (ASU) facility, currently under construction for the Jazan Refinery and Terminal Complex Project in Saudi Arabia.
The project won the ‘Industrial Deal of the Year – Middle East and Africa’ at the Project Finance International (PFI) Awards, and the ‘Best Deal – Petrochemicals – Middle East and North Africa’ at the IJ Global Awards.
In a first for a Saudi Arabia-based industrial gas company, JGPC has affirmed its position as a leader in private infrastructure financing for its ASU complex, with the first units due to be online and commissioning in early 2018.
Mohammad AbuNayyan (left), Chairman of the JGPC Board, highlighted, “The ASU facility is a vital component of the oil refining operations in Jazan, which is scheduled to begin operations in 2018. Due to the sheer magnitude and complexity of the deal, it was necessary for us to implement a number of innovative financial measures, including a pioneering concept of outsourcing vital refinery and integrated gasification combined cycle (IGCC) feedstock to the private sector, and developing a unique Islamic financing structure.”
“We are delighted that our efforts have been recognised by the PFI Awards and IJ Global Awards. This remarkable achievement is a testament to the highly skilled and dedicated team that manages operations and underpins our values for exceptional quality and innovation.”
JGPC is operating on a world stage and in just two years will have built the largest and most advanced industrial gas complex in the world
The joint venture between ACWA Holding and Air Products, which will see the companies own 75% and 25% respectively, will be the largest industrial gas complex in the world once completed in 2018.
Once on-stream, the complex will supply a total of 75,000 metric tonnes per day of industrial gas, broken down into 20,000 tonnes of oxygen (O2) and 55,000 tonnes of nitrogen (N2), for 20 years to Saudi Aramco’s refinery being built in the Middle East.
AbuNayyan went on to conclude, “We are very proud and heartened that the JGPC IGCC ASU facility is already receiving international acclaim. JGPC is operating on a world stage and in just two years will have built the largest and most advanced industrial gas complex in the world.”