August 12, 2018 / 4:30 PM / a year ago

Aramco, Air Products, ACWA to form gasification/power JV in Saudi Arabia

DUBAI, Aug 12 (Reuters) - Saudi Aramco, Air Products and ACWA Power on Sunday signed a term sheet to set up a gasification/power joint venture in Saudi Arabia.

“The JV will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for approximately $8 billion,” said a statement.

Air Products will own at least 55 percent of the joint venture, to be set up in Jazan Economic city, with Saudi Aramco and ACWA Power owning the balance, the statement said. (Reporting by Ghaida Ghantous; editing by David Stamp)

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