Aramco Announces Signing Asset Acquisition And Project Financing Agreements For JV in Jazan



Sept 27 (Reuters) - SAUDI ARABIAN OIL CO 2222.SE :

* ARAMCO, AIR PRODUCTS, ACWA POWER, AND AIR PRODUCTS QUDRA SIGN ASSET ACQUISITION AND PROJECT FINANCING AGREEMENTS FOR $12 BILLION ASU/GASIFICATION/POWER JOINT VENTURE IN JAZAN, SAUDI ARABIA

* ARAMCO VIA ITS SUBSIDIARY SAUDI ARAMCO POWER COMPANY (SAPCO) HAS A 20 PERCENT SHARE IN THE JV

* THE JV IS PURCHASING THE 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. ARAMCO WILL SUPPLY FEEDSTOCK TO THE JV, AND THE JV WILL PRODUCE POWER, STEAM, HYDROGEN AND OTHER UTILITIES FOR ARAMCO

* WITH THE COMPLETION OF DEFINITIVE AGREEMENTS, ALL PARTIES UNDER THE JOINT VENTURE EXPECT ASSET TRANSFER AND FUNDING TO OCCUR DURING THE MONTH OF OCTOBER 2021

* CONSORTIUM IS EXPECTED TO INCREASE JOB OPPORTUNITIES AND TRANSFER MOST ADVANCED TECHNOLOGIES IN THIS FIELD TO KINGDOM, AND ENABLE SAUDI TALENT TO EMPLOY THIS TECHNOLOGY FOR FIRST TIME Source:(Link) Further company coverage:

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