Air Products announces the finalization of an agreement with Aramco, ACWA Power and Air Products Qudra.
The agreement covers the operation of Aramco’s large Jazan refinery.
Air Products signs $12 billion contract
On October 28, 2021, Air Products hosted a teleconference between several investors.
The company announced the finalization of the joint venture agreement with Aramco, ACWA Power and Air Products Qudra.
Air Products Qudra is itself a company owned 51% by Air Products and 49% by Qudra Energy.
The agreement provides for project financing of up to $12 billion by the co-contractors.
The Jazan refinery in Saudi Arabia is to be equipped with electricity, gas and air separation units.
Air separation enables synthesis gases to be obtained by cryogenics. 
The joint venture has purchased the air separation units, gas services and syngas cleaning.
It will operate the plant under a 25-year contract.
400,000 barrels per day
Air Products owns 46% of the joint venture, while Air Products Qudra owns 9%.
Aramco, via its subsidiary Saudi Aramco Power Company, owns 20%.
Finally, ACWA Power owns 25% of the joint venture.
The Jazan refinery is a mega-project crude oil processing plant.
The plant will process up to 400,000 barrels per day.
This oil will be used to produce gasoline, ultra-light diesel and other products.
With this agreement, Air Products reinforces its position as a long-standing leader in the global industrial gases market.
The company is particularly active in the production and operation of syngas.
Air Products is now investing in carbon capture technologies, a major technique for offsetting emissions.
