Saudi Aramco, Air Products, ACWA Power to establish power plant JV

FII 2019Saudi Aramco has announced its intention to establish the Jazan Power Joint Venture (JV)

The JV will be 46 per cent owned by Air Products, 25 per cent by ACWA Power, 20 per cent by Saudi Aramco and nine per cent by Air Products Qudra.

In addition, the company signed seven MoUs at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.

Ahmad A. Al-Sa’adi, Saudi Aramco’s senior vice-president of Technical Services, attended FII in addition to Nabil Al Nuaim, Saudi Aramco’s chief digital officer, who headlined a panel discussion on how business can best leverage data to anticipate risks, improve performance and optimise operations.

Al Sa’adi said, “Saudi Aramco aims to promote business investment opportunities through technology across the kingdom’s energy services sector ecosystem. The agreements signed today support the kingdom’s plans to develop industrial zones, create jobs and attract foreign direct investment, as well as drive economic diversification.”

The MoUs represent new collaborations with companies from six countries. These include France, Norway, New Zealand, South Korea, Spain and the US.

The MoUs are intended to support Saudi Aramco’s operations and Saudi Arabia’s economic diversification strategy by increasing the efficiency of the technology used in upstream, downstream and engineering services.

In the long term, these agreements aim to help improve sustainability and technological efficiency throughout the value chain.

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