In 2005, Saudi Aramco and Sumitomo Chemical started the Petro Rabigh Project with the aim of building integrated oil refining and petrochemical operations by way of upgrading Saudi Aramco’s oil refinery and constructing a new petrochemical complex, the Rabigh Complex. One of the strategic plans was to outsource the supply of the entire utilities (power, water and steam) for the whole petrochemical complex.
In September 2005, the project company, RAWEC was established to own, operate and maintain an Independent Water, Steam and Power Plant.
Phase 2 PCOD
June 22, 2016
Phase 2 Scheduled Project Commercial Operation Date (PCOD). Pending utilities demand.
Start of Phase 2 Early Utilities
October 4, 2015
Phase 2 starts early utility supply to Petro Rabigh. October 4, 2015 – Steam; October 27, 2015 – Power; October 28, 2015 – Desalinated & Demineralized Water.
Phase 2 Main Project Closing Date
March 12, 2015
The Phase 2 Main Project Closing Date marks an important milestone of the project including meeting all conditions precedent to initial funding under Facility Agreement, execution of FNTP, Novation Agreement, and Integrated Plant Financial Model.
RAWEC O&M Agreement Execution
June 12, 2014
RAWEC partners with Rabigh Power Company (RPC), a limited liability special purpose company whose sole purpose is to operate and maintain the Rabigh IWSPP. RPC is owned by NOMAC (51%), Marubeni (34%) and JGC (15%).
Restructuring Agreement (WECA) & Shareholders’ Agreement
May 5, 2014
RAWEC enters into a Restructuring Agreement with Petro Rabigh. The exit of Itochu Corporation from the JGC-ITC SPC’s shareholding lead to RAWEC’s shareholding restructure, ACWA Power (37%), Marubeni (37%), JGC (25%) and Petro Rabigh (1%).
Phase 2 Limited Notice to Proceed
October 30, 2012
RAWEC enters into an amendment to its existing WECA with Petro Rabigh to build an extension to the existing IWSPP for supplying Petro Rabigh additional utilities to its Rabigh 2 expansion.
Phase 1 Project Commercial Operation Date
June 1, 2008
After a year of supplying early utilities, RAWEC achieves the Project Commercial Operation Date (PCOD), after having successfully conducted all the plant performance testing.
Start of Early Utilities Operation
October 1, 2007
The Early Utility Period marks the commencement of supplying utilities until Project Commercial Operation Date (PCOD).
Financial Closing Date
March 28, 2006
Both Offtaker and Contractor certify that all conditions precedent to financial closing date have been fulfilled or waived.
Project Company established
September 11, 2005
RAWEC is established by Marubeni Corporation (30%), JGC Corporation (25%), ACWA Power International (23.9%), Itochu Corporation 20.1% and Petro Rabigh (1%).
Commercial Closing Date
August 7, 2005
Both Offtaker and Contractor certify that conditions precedent to commercial closing date have been fulfilled or waived.
Selection of Preferred Bidder
June 2, 2005
RAWEC is awarded the project to develop, own, operate and maintain an independent co-generation plant to produce and supply power, water and steam.
Request for Proposal
December 17, 2004
In order to conform to the requirements of the RFP, RAWEC emphasizes on (i) Proven Technology, (ii) Reliance on experienced contractors and (iii) Innovative Design to meet the Saudi and International Environmental guidelines.