UPDATE 1-Aramco, Air Products, ACWA to form JV in Saudi Arabia | Reuters:
Saudi Aramco, Air Products and ACWA Power signed on Sunday an agreement outlining terms for setting up a gasification/power joint venture in Saudi Arabia with assets bought from the state energy giant.
“The JV will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for approximately $8 billion,” they said a statement.
According to the term sheet, U.S.-based Air Products will own at least 55 percent of the joint venture, to be set up in Jazan Economic City (JEC), with Saudi Aramco and ACWA Power owning the balance, the statement said.
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