Verus Partners Advises Winning Consortium for Saudi Aramco Cogens
Verus Partners is pleased to announce that the Saudi Aramco Cogens projects, to be located at Abqaiq, Hawiyah and Ras Tanura in the Kingdom of Saudi Arabia, have been won by a consortium advised by Verus Partners after a competitive tender.
The bidding consortium comprised Marubeni Corporation, JGC Corporation and Al Jomaih, together with Saudi Aramco, will own the company to be formed for the projects. The plants will be used to provide steam and power to key Saudi Aramco facilities located at the three sites under contracts that will run for 20 years from each commercial operation date.
The financing package, involving a leading group of Japanese, Saudi and export credit agency lenders, has been under preparation since the middle of 2012 and is expected to be finalised shortly.
The winning consortium is advised by Verus Partners as financial advisor and Herbert Smith Freehills as legal counsel, Saudi Aramco by HSBC Saudi Arabia and White & Case respectively.