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Saudi-Korean Partnership to Finance Jafurah Gas Field

Saudi-Korean Partnership to Finance Jafurah Gas Field

Friday, 20 January, 2023 - 07:30
Saudi and Korean officials during the signing ceremony of the agreement between Riyad Bank and Export-Import Bank of Korea (Asharq Al-Awsat)

Saudi Arabia’s Riyad Bank signed a project financing agreement with the Export-Import Bank of Korea to develop the power station project in the al-Jafurah gas field.

In 2020, Saudi Aramco that it had obtained approval to develop the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas field in the Kingdom of Saudi Arabia to date.

The development of Jafurah is expected to enhance Aramco’s position in the global energy sector and help achieve its goal of being the world’s pre-eminent integrated energy and chemicals company.

Jafurah is the largest unconventional non-associated gas field in the Kingdom, with a length of 170 km and a width of 100 km.

The volume of gas resources in the field is estimated at 200 trillion cubic feet of rich raw gas, providing a valuable feedstock for the petrochemical industries.

The field will be able to produce about 425 million standard cubic feet of ethane per day, representing about 40 percent of the current production, and will have about 550,000 barrels per day of gas liquids and condensate needed for the petrochemical industries.

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