Air Products (AP) recently confirmed that it is in final negotiations to form a joint enture (JV) with Saudi Aramco, ACWA Power and Air Products Qudra (APQ) to acquire the gasification, power and industrial gas assets at Jazan Economic City, representing a total investment value of about $11.5 billion.

The JV would be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by APQ. AP said the transaction is expected to close by the end of the calendar year.

AP’ confirmation follows an announcement by Saudi Aramco at the Future Investment Initiative in Riyadh, Saudi Arabia. AP’ initial announcement about this project in August 2018.