Thursday 28 March 2024
 
»
 
»
$2.1 BILLION PROJECT

The project will supply 20,000 MT of oxygen and
55,000 MT of nitrogen to Jazan refinery for 20 years.
Image: Bigstockphoto.

Saudi Aramco plans world’s largest gas complex

RIYADH, December 30, 2015

State-owned Saudi Aramco, a global petroleum and chemicals enterprise, plans to build the largest industrial complex for gas in the world at a cost of $2.1 billion in Jazan, Saudi Arabia.

The project will supply 20,000 metric tonnes of oxygen and 55,000 metric tonnes of nitrogen to Jazan refinery for 20 years, reported Arab News.

“The project indicates the strength of the Saudi economy, and public-private partnerships,” Mohamed Abunayan, chairman of the Arabian Company for Water and Power Development (Acwa) was quoted as saying in the report.

Financing of the project is Shariah-compliant, and would be developed with US-based Air Products and Chemicals company, in a build, own and operate agreement, he added. According to the contract, Acwa Holding will own 75 percent of the project while Air Products will own 25 per cent.

Ten international and national banks participated in financing the project with $1.8 billion, according to the report.




Tags: Saudi Aramco | Acwa | Jazan | gas project |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads