August 13, 2018 – Saudi Aramco, Air Products and ACWA Power have signed an agreement to create a gasification and power joint venture. U.S.-based Air Products will own at least 55 percent of the joint venture, which will purchase gasification assets, power block and the associated utilities for over $8 billion from Saudi Aramco. The joint venture will produce power, hydrogen and other utilities for Saudi Aramco. The project will be located in the Jazan Economic City (JEC) and will serve the Jazan Refinery and Terminal. The joint venture is expected to create thousands of employment opportunities, support the expansion of the public-private partnership (PPP) model in the power sector and revive the southwestern region.
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