ACWA Power to announce financial closure for Jazan project this week

The Jazan IGCC Complex is a joint venture between Saudi Aramco, U.S.-based Air Products and ACWA Power

  
Image used for illustrative purpose. engineering man with white safety helmet standing in front of oil refinery building structure in heavy petrochemical industry

Image used for illustrative purpose. engineering man with white safety helmet standing in front of oil refinery building structure in heavy petrochemical industry

Getty Images/ Witthaya Prasongsin

RIYADH - ACWA Power will on Wednesday announce financial closure for a $12 billion gasification and power joint venture in Saudi Arabia's Jazan region, Chairman Mohammad Abunayyan said on Saturday.

The Jazan IGCC Complex is a joint venture between Saudi Aramco, U.S.-based Air Products and ACWA Power. Oil giant Saudi Aramco will supply feedstock and the joint venture will produce power, hydrogen and other utilities for Aramco.

(Reporting Yousef Saba and Saeed Azhar in Riyadh Writing by Ghaida Ghantous Editing by Peter Graff) ((ghaida.ghantous@thomsonreuters.com;))