Start-up of Saudi Arabia’s 400,000 b/d Jazan refinery may be edging closer. The facility has been mechanically complete for some time, but delays over project financing continue to hold up the start of operations.
US firm Air Products leads the JV being formed to operate the integrated refinery and power plant, alongside Saudi private energy firm Acwa Power (29.4%) and Saudi Aramco (20%). Acwa, in which sovereign wealth fund PIF is increasing its holdings to 50%, is planning a $1bn sukuk to help fund the JV according to a 22 November Bloomberg report. It plans to approach the finance market in early 2021. (CONTINUED - 386 WORDS)
