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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