Riyad Bank pens cooperation, finance deals with KEPCO, KEXIM

Riyad Bank signed cooperation and financing agreements with Korea Electric Power Corporation (KEPCO) and Export-Import Bank of Korea (KEXIM), according to a statement.

Under these agreements, the parties will cooperate in the fields of hydrogen, green ammonia, renewable energy generation, traditional energy generation, energy transmission and distribution, in addition to the development of Jafurah gas field.

Jafurah gas field project entails the development of the 320-million-watt field on a build-own-operate-transfer (BOOT) basis, at a total value of nearly SAR 2 billion.

The project aims to become the Kingdom’s largest non-associated gas field, providing natural gas for domestic purposes and for feedstock required to produce petrochemicals and blue hydrogen, in line with Vision 2030 aim of diversifying revenue and eliminating the country’s oil dependence.

Jafurah gas field project is estimated to contain approximately 200 trillion cubic feet (tcf) of wet gas resources. The 170-km-long and 100-km-wide field lies southeast of the Ghawar oil field, the world’s biggest conventional onshore oil field, in the Eastern province of Saudi Arabia.