A recently announced joint venture between Saudi Aramco, Air Products & Chemicals, and ACWA Power is seeking a $6bn loan, Bloomberg reported, citing anonymous sources.
The proposed joint venture will own and operate the Jazan Integrated Gasification Combined Cycle and Power Plant and Jazan Air Separation Unit, valued at approximately $11.5bn.
The JV will be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by Air Products Qudra. In addition, the Company signed seven MoUs at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.
Bloomberg reported that Standard Chartered and Banque Saudi Fransi are advising on discussing with lenders.
