A financial close was recently finalised on the SR4.5 billion ($1.2 billion) Rabigh power, water and steam and water desalination plant at Rabigh in the Western Province of Saudi Arabia.
A consortium led by Japan’s Marubeni Corporation are developing industrial plants on a 25-year build, own and operate (BOO) scheme to produce desalinated water, electrical power and steam for Rabigh Refining & Petrochemical Co (Petro-Rabigh) with Saudi Aramco and Sumitomo Chemical Corporation of Japan.
Partners with Marubeni Corporation, which has a 30 per cent stake in the newly-inked Rabigh Independent Water, Steam and Power (IWSP) project, include JGC Corporation (25 per cent), and Itochu Corporation (20.1 per cent), both of Japan; Arabian Company for Water and Power Development (23.9 per cent) of Saudi Arabia; and Petro-Rabigh (one per cent).
The newly-constructed plant is scheduled to enter into commercial operation in June 2008.
