The complex consists of an integrated gasification, combined cycle power plant, air separation unit and associated utilities RIYADH: The consortium, including Saudi Aramco, that owns Jazan IGCC Complex, is in the process of closing the financing of the project with around $5.6 billion, banking sources told CNBC Arabia. With an estimated value of $12.5 billion, the complex consists of an integrated gasification, combined cycle power plant, air separation unit and associated utilities – recognized as the world’s largest. It is located in Jazan Economic City, southwest of Saudi Arabia, alongside the Jazan refinery. ad The total debt in financing the project amounts to about $7.2 billion, the sources said, adding that the other part will be financed through a soft loan from the Saudi Industrial Development Fund, at a value of $1.6 billion. As many as 22 local banks are expected to compete to provide financing, while Standard Chartered and French Capital provide financial advisory services, and White & Case provides legal advisory services to Aramco The ownership structure of the project is distributed to the American company Air Products by about 46 percent, Aramco by about 20 percent and by ACWA Power by about 25 percent, official data revealed. The source indicated that the financing may be secured during this week, although the financial closure of the project was expected to take place in the last quarter of this year. The project will be commissioned and operated by a joint venture (JV) amongst Saudi Aramco, Air Products and ACWA Power. The venture will own, operate and transfer the facility under a 25-year contract.