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JV completes asset acquisition

Published by , Senior Editor
Hydrocarbon Engineering,

Air Products has announced the completion of the asset acquisition and project financing transactions for the ~US$12 billion air separation unit/gasification/power joint venture (JV) with Aramco, ACWA Power and Air Products Qudra at Jazan, Saudi Arabia.

The JV has purchased ASUs, gasification, syngas cleanup, utilities and power assets from Aramco. The JV owns and operates the facility under a 25-year contract for a fixed monthly fee, with Aramco supplying feedstock to the JV, and the JV producing power, steam, hydrogen and other utilities for Aramco.

Aramco, via its subsidiary Saudi Aramco Power Co., has a 20% share in the JV; Air Products 46%; ACWA Power 25%; and Air Products Qudra (a 51/49 JV between Air Products and Qudra Energy) 9% in the JV. Air Products' total ownership position is 50.6% through 46% direct ownership and 4.6% through Air Products Qudra.

The JV serves Aramco's Jazan Refinery, a megaproject to process 400 000 bpd of the crude oil to produce main products such as ultra-light sulfur diesel, gasoline, and other products.

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