Air Products, Saudi Aramco and ACWA Power finalise $12bn joint venture


Air Products, Saudi Aramco and ACWA Power have today (27th Sep) finalised a definite agreement for the acquisition and project financing of a $12bn air separation unit (ASUs)/gasification/power joint venture in Jazan Economic City, Saudi Arabia.

First announced in 2019, the joint venture will purchase ASUs, gasification, syngas clean-up, utilities and power assets from Aramco. Through its Saudi Aramco Power subsidiary, Aramco has a 20% share in the joint venture.

ACWA Power holds a 25% share in the joint venture, Air Products 46%, and Air Products Qudra has a 9% share. Altogether, Air Products’ total ownership position is 50.6%, making it the majority shareholder.

Now finalised, the joint venture owns and operates the acquired facility under a 25-year contract for a fixed monthly fee. Aramco will supply feedstock to the joint venture, and the joint venture will produce power, steam and hydrogen and other utilities for Aramco.

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