State-oil giant Saudi Arabian Oil Co., known as Saudi Aramco, has signed three new energy conversion agreements with a Japanese-Saudi consortium to build and operate cogeneration power plants in the kingdom, in a bid to become more energy efficient throughout its operations.
State-oil giant Saudi Arabian Oil Co., known as Saudi Aramco, has signed
three new energy conversion agreements with a Japanese-Saudi consortium to
build and operate cogeneration power plants in the kingdom, in a bid to become
more energy efficient throughout its operations.
The agreements for the cogeneration plants, which use less fuel and lower
emissions for better environmental performance, were signed with Marubeni Corp.
(8002.TO) and JGC Corp. (1963.TO) of
Japan
and
Saudi Aljomaih Energy & Water Co., Aramco said in an emailed statement
Thursday.
The plants will generate a total of about 900 megawatts of power and 1,500 tons
of steam per hour when they come on-stream in 2016 at the company's Abqaiq,
Hawiya and Ras Tanura facilities.
Aramco did not disclose the value of the deals but said it would hold a 50%
stake in the plants, which will have a thermal efficiency of more than 80%,
compared with conventional generation thermal efficiency of 40-50%.
Marubeni, JGC and Aljomaih are to build and operate the plants for 20 years.
Saudi Aramco, which is fully owned by the
Kingdom
of
Saudi
Arabia
, is one of the largest oil and gas companies in
the world with activities in exploration and production, refining,
distribution, shipping and marketing.
The company produces around 2,000 megawatts of electricity and buys 1,000 MW
from Saudi electricity to meet its needs. It has previously said it plans to
double its power-generating capacity to 4,000 MW by 2015 to supply all the
electricity it needs to produce crude and natural gas.
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