A joint-venture (JV) of Air Products (46%), ACWA Power (25%), Saudi Aramco (20%), and Air Products Qudra (9%) has reached financial close for the US$7.2bn Jazan integrated gasification combined cycle (IGCC) project through a mix of local, regional, and international banks and financial institutions. The JV purchased the project from Saudi Aramco and will own and operate the plant under a 25-year contract for a fixed monthly fee, with Saudi Aramco supplying feedstock to the JV, and the JV producing power, steam, hydrogen and other utilities for Aramco.
The Jazan IGCC project will convert vacuum residue to be produced in the adjacent Jazan refinery (400,000 bbl/d) into synthesis gas (syngas). The gasification unit will produce syngas that will be evenly used to produce purified hydrogen for the refinery and to fuel a combined cycle power plant to generate power and steam for the refinery and export to the national grid. Total output of the plant will be of approximately 3,800 MW.