Saudi Aramco plans to build the world’s largest industrial gas complex in the world at a total cost of $2.1 billion.
The venture will 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.
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 company), will build, own and operate the project.
Ten global and local banks will evenly co-fund the investment. These 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.