Saudi Arabia reaches financial close on $12bn power project
Saudi Arabia's ACWA Power announced on October 28 that financial close had been reached on its $12bn power project at Saudi Aramco's refinery in Jazan.
The Jazan integrated gasification combined cycle (IGCC) project will supply power, steam and hydrogen to Aramco's Jazan refinery under a 25-year contract with the national oil producer. It is a joint venture between ACWA, Aramco, Air Products and Air Products Qudra.
Financial close was reached on $7.2bn of senior debt facilities for the project on October 18, ACWA said. The facilities were secured from local, regional and international banks and financial institutions, it said. The company noted the involvement of the Saudi Industrial Development Fund and some Far Eastern financial institutions.
ACWA has a 25% interest in the venture, while Aramco has 20%, Air Products 46% and Air Products Qudra, a 51:49 venture between Air Product and Qudra, 9%.
The Jazan oil refinery handles 400,000 barrels/day of oil and produces diesel, gasoline and other products.