This week Aramco, US gas firm Air Products and Saudi private developer Acwa Power announced a plan for an $11.5bn JV to operate the IGCC and air separation unit. This was effectively a re-announcement of a plan first announced last year (MEES, 5 October 2018). However, this time equity stakes are provided: Air Products 46%, Acwa 25%, Aramco 20% and Air Products Qudra 9%. The latter is a joint venture between Air Products and Acwa’s Arabia Qudra investment platform.

The refinery and...