Air Products has confirmed that it is in final negotiations to form a joint venture with Saudi Aramco, ACWA Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City, Saudi Arabia, representing a total investment value of about US$11.5 billion.
Air Products’ confirmation follows an announcement made by Saudi Aramco at the Future Investment Initiative in Riyadh, Saudi Arabia and builds on Air Products’ initial announcement of this world-class project.
Air Products wrote in a press release that it “looks forward” to concluding negotiations and expects to close on the transaction by the end of calendar 2019. The company will provide additional comments on its upcoming fiscal fourth quarter earnings call on Thursday, 7 November 2019 and further details about the project following financial close.