Air Products is expected to form a joint venture with Saudi Aramco, Acwa Power and Air Products Qudra in order to acquire the gasification, power and industrial gas assets at Jazan Economic City in Saudi Arabia.
Pennsylvania/USA – Air Products has recently confirmed that it is in final negotiations to form a joint venture with Saudi Aramco, Acwa Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City, representing a total investment value of about 11.5 billion dollars.
Air Products’ confirmation follows an announcement made recently by Saudi Aramco at the Future Investment Initiative in Riyadh, Saudi Arabia and builds on Air Products’ initial announcement about this world-class project.
Air Products looks forward to concluding negotiations and expects to close on the transaction by the end of the calendar year 2019. Air Products will provide additional comments on its upcoming fiscal fourth quarter earnings call and further details about the project following financial close on November 7, 2019.