Saudi Arabian Oil Co., or Saudi Aramco, has inked a deal with Air Products LLC and ACWA Power International to form a gasification/power joint venture in Saudi Arabia.

The venture will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for more than $8 billion, according to the term sheet. These assets are currently under construction and will be transferred sometime in 2019, according to an Aug. 13 news release.

U.S-based Air Products will own at least 55% of the joint venture, with Saudi Aramco and ACWA Power owning the rest.

The joint venture will serve Saudi Aramco's Jazan Refinery and terminal at Jazan Economic City, a project that will process heavy and medium crude oil to create liquefied petroleum gas, sulfur, asphalt, benzene and paraxylene, and add 400,000 barrels per day of refining capacity.

The venture will own and operate the facility under a 25-year contract for a fixed monthly fee. Saudi Aramco will supply feedstock to the facility, which will produce power, hydrogen and other utilities for Saudi Aramco.