Air Products announced the financial close and transfer of the second group of assets for the $12 billion gasification and power joint venture (JV) with Aramco, ACWA Power and Air Products Qudra in the Jazan Economic City (“Jazan”), Saudi Arabia. 

The JV’s purchase of this second group of assets at Jazan follows the successful asset acquisition and project financing transactions for the first group of assets completed in late October 2021. 

The JV owns and operates the facility under a 25-year contract for a fixed monthly fee, with Aramco supplying feedstock to the JV, and the JV producing power, steam, hydrogen and other utilities for Aramco.

The JV serves Aramco’s Jazan Refinery, a megaproject to process 400,000 barrels per day of the crude oil to produce the main products such as ultra-light sulphur diesel, gasoline, and other products.

Air Products’ higher purpose includes addressing the world’s need for clean energy and materials while reducing environmental impacts. Hydrogen is key to rising to these challenges, and our H2fM® Hydrogen for Mobility solutions cover the entire value chain for hydrogen fueling.

Generating a cleaner future involves experience, investment and innovation on a world scale. We have the technology, the track record, the capital and the ambition to be a first-mover in bringing the hydrogen economy to scale.

An equal production joint venture of ACWA Power, Air Products and NEOM incorporated in August 2021, NEOM Green Hydrogen Company (NGHC) is establishing the world’s largest green-hydrogen-based ammonia production facility run on renewable energy. This mega-plant will produce up to 600 tonnes of carbon-free hydrogen per day in the form of green-ammonia as a cost-effective solution for transportation globally.

Air Products is the primary EPC contractor and will be the exclusive off-taker of the green ammonia and intends to transport it around the world to be dissociated to produce green hydrogen for the transportation market.