ACWA Power announces Jazan Integrated’s acquisition of the second set of gasification project assets

ACWA Power announced the completion of the Jazan Integrated Gas Conversion and Power Company’s acquisition of the second set of assets for the Jazan Integrated Gasification and Combined Cycle Project.

And ACWA Power said in a statement on Tadawul Saudi Arabia today, Sunday, that this joint venture, “Jazan Integrated Gas and Energy Conversion Company”, brings together Aramco, ACWA Power, Air Products and Air Products Qudra.

Saudi Aramco owns 20% in the joint venture, Air Products owns 46%, ACWA Power owns 25%, and Air Products Qudra owns 9% of the project. Note that the total ownership percentage of Air Products in the project is 50.6%, compared to its ownership of 4.6% through Air Products Qudra.

This comes after the financial close dated October 18, 2021.

The project includes the $12 billion acquisition of an integrated gasification and combined cycle plant from Aramco.

The acquisition of the first set of assets for the project was completed on October 27, 2021.

Under the signed agreements, the joint venture purchases energy assets, air separation units, gasification and process gas purification from Saudi Aramco, on the basis of which the joint venture operates the relevant facilities under a 25-year contract, in exchange for a fixed monthly fee. Saudi Aramco will supply feedstock to the joint venture, which will in turn produce electricity, steam and hydrogen, in addition to other products for Saudi Aramco.