ACWA Power launches a Joint Venture for its IGCC Project

Share:

ACWA Power announces the financial close of the $12 billion IGCC Joint Venture in Saudi Arabia. The project is a joint venture between AramcoACWA Power, Air Products and Air Products Qudra.

ACWA Power announces financial close of its IGCC project

ACWA Power, today announced the financial close of its integrated gasification combined cycle project at Jazan combined-cycle gasification project.
L’entreprise se spécialise dans l’investissement et l’exploitation d’usines de production d’électricité, d’eau dessalée et d’hydrogène vert.

The joint venture will complete commissioning and begin operating the plant to supply electricity and hydrogen.
Plant services will supply theAramco refinery à Jazanas part of a 25-year contract with the company.

acwa power

Largest project financing agreement in the company’s history

Financial close of the Jazan took place on October 18, 2021.
Local, regional and international banks and financial institutions raised $7.2 billion.
Certain aspects of the limited recourse project financing involve the participation of the Saudi Industrial Development Fund (SIDF).
In addition, the transaction is the largest project financing agreement in ACWA Power’s history.

Tripartite alliance between Aramco, Air Products and ACWA Power

Located in JazanThe IGCC plant in Saudi Arabia is the largest of its kind in the world.
The JV has purchased Aramco gasification facilities, gas cleaning, utilities and energy assets.
The joint venture owns and operates the facility under a 25-year contract for a fixed monthly fee.

Saudi Aramco supplies raw materials to the joint venture produces; electricity, steam, hydrogen and other utilities for Aramco. The latterthrough its subsidiary Saudi Aramco Power Companyholds a 20% stake in the joint venture.

The other members share the joint venture as follows: Air Products 46%, ACWA Power 25%; and Air Products Qudra 9%. The joint venture serves the Jazan refinery refinery at Saudi Aramco, which processes 400,000 barrels per day of crude oil.
Production is split between ultra-low sulfur diesel, gasoline and other products.

  • Populaires ​
Shell forced to amend two annual reports following EY’s compliance breach
Shell ships first LNG cargo from its LNG Canada facility
GE Vernova and Fortum launch major nuclear project in Scandinavia
Ignitis begins construction of three energy storage parks in Lithuania
TotalEnergies acquires 1.5 GW of AES renewable assets in the Caribbean
Argentina restricts industrial gas amid historic cold snap
Facing the lowest temperatures recorded in 30 years, the Argentine government announces reductions in natural gas supply to industries to meet the exceptional rise in residential energy demand across the country.
Strong Rise in Solar Power Reduces Summer Demand for Natural Gas
Solar power generation increased sharply in the United States in June, significantly reducing natural gas consumption in the power sector, despite relatively stable overall electricity demand.
Exxon and QatarEnergy ask US for permission to re-export LNG from October
Golden Pass LNG, jointly owned by Exxon Mobil and QatarEnergy, has asked US authorities for permission to re-export liquefied natural gas starting October 1, anticipating the imminent launch of its operations in Texas.
Delfin Midstream secures strategic agreement with Siemens Energy and Samsung
Delfin Midstream reserves gas turbine manufacturing capacity with Siemens Energy and initiates an early works programme with Samsung Heavy Industries, ahead of its anticipated final investment decision in the autumn.
DNO secures USD 500 million financing linked to Norwegian gas
Norwegian group DNO ASA signs gas offtake contract with ENGIE and secures USD 500 million financing from a major US bank to guarantee future revenues from its Norwegian gas production.
Golar LNG raises $575mn through bond issuance and repurchases shares
Golar LNG Limited has completed a private placement of $575mn in convertible bonds due in 2030, using part of the proceeds to repurchase and cancel 2.5 million of its own common shares, thus reducing its share capital.
Australia considers east coast gas reservation as market pressures intensify
The Australian government is considering the establishment of an east coast gas reservation as part of a sweeping review of market rules to ensure supply, with risks of shortages signalled by 2028.
The drilling fluids industry will reach $10.7bn by 2032 driven by oil expansion and chemical innovations
The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
Enbridge Gas Ohio challenges tariff ruling cutting its revenues by $30mn
Enbridge Gas Ohio is assessing its legal options following the Ohio regulator's decision to cut its revenues, citing potential threats to investment and future customer costs.
Global small-scale LNG market to reach $31.78bn by 2030
The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.
Europe extends gas storage obligations until 2027
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Chevron and Energy Transfer Expand Their LNG Agreement at Lake Charles
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside completes sale of 40% stake in Louisiana LNG project to Stonepeak
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic takes over Royal Helium and fast-tracks Steveville plant restart
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
Fusion Fuel: Al Shola Gas secures AED4.4 mn ($1.2 mn) in contracts
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy Approves Expansion of Corpus Christi LNG Terminal for 2029
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
LNG industry could reduce emissions by 60%, according to IEA
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe accelerates gas storage filling despite declining reserves
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
Seoul freezes electricity rates amid LNG supply risk concerns
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia ready to deliver liquefied natural gas to Mexico
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS