Jazan Economic City (JEC) has projects worth SAR 85 billion, with the value expected to rise to SAR 100 billion as more are investors turn their attention to the city, state news agency SPA reported, citing Minister of Energy Khalid A-Falih.
Recently, Saudi Aramco teamed up with Air Products and ACWA Power to form a gasification and power joint venture (JV) in JEC, the minister said.
The JV will own and operate the facility under a 25-year contract for a fixed monthly fee.
Saudi Aramco will supply feedstock to the facility that will produce power, hydrogen and other utilities for Saudi Aramco.
Some of the energy produced will be utilized in JEC, while around 2,500 MW will be directed to the local power grid.
The JV will serve Saudi Aramco's Jazan Refinery and terminal, a mega project that will process heavy and medium crude oil to create liquefied petroleum gas, sulphur, asphalt, benzene and paraxylene, and add 400,000 barrels per day of refining capacity.
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