Acwa Power raises stake in Petro Rabigh unit
01 April 2019
Saudi Arabia’s Acwa Power, a leader in power generation and water desalination, has increased its shareholding to 74 per cent in Rabigh Arabian Water & Electricity Company (Rawec) after buying all of Marubeni’s stake.
The company has announced the completion of the acquisition of certain shares and debt instruments/loan notes owned by Marubeni Corporation in Rawec and certain shares owned by Marubeni in Rawec’s Operations & Maintenance Company namely Rabigh Power Company (RPC).
Rawec is the captive utilities (power, water and steam) provider to Rabigh Refining and Petrochemical Company, which owns, operates and manages the Rabigh petrochemical complex. Rawec owns and operates a conventional thermal power plant and desalination facility with a total installed capacity of 840 MW power, 6,110 t/h steam and 12,000 t/h water, within the Rabigh Complex.
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