A $12bn operating joint venture for the Jazan integrated gasification combined cycle (IGCC) power plant and associated air separation unit (ASU) is seeking $7bn in project finance. Both facilities are located in southwestern Saudi Arabia alongside an integrated refinery, and while they are nearing completion, start-up is unlikely before Q4.
Discussions between US industrial gases firm Air Products, Saudi private developer Acwa Power and state petroleum firm Aramco over the acquisition and operation of the IGCC and ASU units have proceeded slowly, with equity shares only being confirmed last October after the partners first announced the plan for the JV a year earlier (MEES, 1 November 2019). (CONTINUED - 656 WORDS)
