Saudi Aramco plans JV to operate Fadhili cogeneration plant

Saudi Arabian Oil Co.’s (Saudi Aramco) board of directors approved a proposal for establishing and financing a joint venture to operate a cogeneration plant in Fadhili, the company said in a statement.

The state-owned oil giant's strategy and investments were also approved during a recent board meeting in line with the Saudi Vision 2030 economic reform plan.

Investment opportunities in refining, processing and marketing activities were considered by the board, while payment orders for August were approved following a review of the company’s financial position.

Aramco has recently signed four engineering contracts to build its Fadhili gas processing project, Argaam earlier reported. The project is scheduled for completion in 2019.