Company 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. The following provides and overview on historical milestones achieved.

July 27, 2018
Phase 2 Final Acceptance Date

Phase 2 Final Acceptance Date achieved following successful completion of all final performance testing.

February 15, 2018
Phase 2 Commercial Operation Date

Amendment to WECA for concept of Early Phase 2 Commercial Operation Date and achievement of Phase 2 Commercial Operation Date after successful completion of the Reliability Test Run.

June 22, 2016
Deemed Phase 2 Commercial Operation Date

Deemed Phase 2 Commercial Operation Date was achieved on Scheduled Phase 2 Commercial Operation Date, pending sufficient demand to conclude final performance testing.

October 4, 2015
Start of Phase 2 Early Utilities

Phase 2 starts early utility supply to Petro Rabigh. October 4, 2015 – Steam; October 27, 2015 – Power; October 28, 2015 – Desalinated & Demineralized Water.

March 12, 2015
Phase 2 Main Project Closing Date

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.

June 12, 2014
RAWEC O&M Agreement Execution

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%).

May 5, 2014
Restructuring Agreement (WECA) & Shareholders’ Agreement

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%).

October 30, 2012
Phase 2 Limited Notice to Proceed

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.

June 1, 2008
Phase 1 Project Commercial Operation Date

After a year of supplying early utilities, RAWEC achieves the Project Commercial Operation Date (PCOD), after having successfully conducted all the plant performance testing.

October 1, 2007
Start of Early Utilities Operation

The Early Utility Period marks the commencement of supplying utilities until Project Commercial Operation Date (PCOD).

March 28, 2006
Financial Closing Date

Both Offtaker and Contractor certify that all conditions precedent to financial closing date have been fulfilled or waived

September 11, 2005
Project Company Established

RAWEC is established by Marubeni Corporation (30%), JGC Corporation (25%), ACWA Power International (23.9%), Itochu Corporation 20.1% and Petro Rabigh (1%).

August 7, 2005
Commercial Closing Date

Both Offtaker and Contractor certify that conditions precedent to commercial closing date have been fulfilled or waived.

June 2, 2005
Selection of Preferred Bidder

RAWEC is awarded the project to develop, own, operate and maintain an independent co-generation plant to produce and supply power, water and steam.

December 17, 2004
Request for Proposal

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.