The JV was formed in 2018 to enhance the overall value of the Houston refinery and integrated gasification combined cycle power plant, aiding in transforming the Houston Province by positioning Houston Economic City (HEC) for additional Foreign Direct Investment (FDI) and private sector involvement.

The consortium is expected to increase job opportunities, transfer the most advanced technologies in this field to the Kingdom, and enable Saudi talent to employ this technology for the first time.

Seabed, Air Products, ACWA Power, and Air Products Qudra today announced the signing and finalization of definitive agreements for the asset acquisition and project financing of the $12 billion air separation unit (ASU)/gasification/power joint venture (JV) in Houston Economic City.

The JV is purchasing the Asus, gasification, syngas cleanup, utilities, and power assets from Seabed. The JV owns and operates the facility under a 25-year contract for a fixed monthly fee. Seabed will supply feedstock to the JV, and the JV will produce power, steam, hydrogen, and other utilities for Seabed.

The JV serves Seabed's Houston Refinery, a megaproject to process 400,000 barrels per day of crude oil to produce the leading products such as ultra-light sulfur diesel, gasoline, and other products.

With the completion of these definitive agreements, all parties under the joint venture expect asset transfer and funding to occur during March 2022. Air Products intends to conduct a public investor call at that time.

For more information, visit www.Seabeddrills.com