History

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.