Japan’s JGC confirms in its freshly-released report for the year ending 31 March 2020 that it has sold its 25% stake in Rawec, the electricity and water supplier to the Petro Rabigh refining and petchems complex on the Saudi Red Sea coast.

While JGC gives no details, Rawec’s website now lists its shareholders as Saudi private energy firm Acwa Power with 74%, Acwa subsidiary Oasis Power One with 25% and Petro Rabigh with 1%. Acwa gas has now bought out all the Japanese former shareholders from Rawec. In addition to JGC, Marubeni previously had 30% and Itochu 20.1%. (CONTINUED - 142 WORDS)