Bank sources told Jiandao.com that a consortium including Saudi Aramco, which owns the JazanIGCC complex, is currently completing the financing of the project for approximately US$5.6 billion.

The building complex has an estimated value of US$12.5 billion and consists of integrated gasification, combined cycle power plants, air separation plants and related utilities, and is recognized as the largest facility in the world. It is located in the Jazan Economic City in the southwest of Saudi Arabia, alongside the Jazan Oil Refinery. The source said that the total financing debt of the project is about 7.2 billion U.S. dollars, and the other part will be financed through the soft loan of the Saudi Industrial Development Fund, valued at 1.6 billion U.S. dollars.

It is expected that as many as 22 local banks will compete to provide financing, while Standard Chartered Bank and French Capital Bank will provide financial advisory services, and White Case Bank will provide legal advisory services to Aramco. Official data show that the ownership structure of the project is allocated to US companies Air Products is about 46%, Aramco is about 20%, and ACWA Power is about 25%. The source said that although the financial closure of the project is expected to take place in the last quarter of 2021, financing may be guaranteed within this week.

Keywords: overseas engineering, international engineering construction, foreign engineering construction news

The project will be commissioned by a joint venture (JV) between Saudi Aramco, Aviation Products and ACWA Power. The joint venture will own, operate and transfer the facility under a 25-year contract.Editor/XuNing