Saudi Aramco plans to build the world’s largest industrial gas complex at a total cost of $2.1 billion with ten global and local banks co-funding the investment.
The venture targets to supply Saudi Aramco with 18,500 metric tonnes of oxygen a day and 56,000 metric tonnes of nitrogen that will go to Aramco’s new oil refinery whose output is expected to be 400,000 barrels a day.
A part of the complex’s nitrogen production will go to a natural gas-fired power station currently being built in Jazan with a capacity of 3,700 megawatts. The funding that Aramco has secured for the construction of this complex is the first shari’a-complaint financial product.
Arabian Company for Water and Power Development (ACWA) and Air Products and Chemicals, a US based company, will build, own and operate the project.
The ten global and local banks that will evenly co-fund the investment include the Saudi Fransi bank, Samba Financial Group, Al-Inma Bank, the Saudi British Bank (SABB), the National Commercial Bank, Mizuho Bank, Societe Generale, Bank Sumitomo Mitsui, Bank of Tokyo-Mitsubishi UFJ, and the First Gulf Bank.
