The oil-fired IWSPP will have generating capacity of 360 MW, in addition to substantial steam and water production. Japan’s Mitsubishi Heavy Industries, the consortium’s nominated main contractor, will carry out the engineering, procurement and construction (EPC) element on a lump-sum turnkey (LSTK) basis. The plant is expected to come on stream in the summer of 2008.

Also signed was the 25-year water and energy conversion agreement (WECA) governing the relationship and supply and offtake agreements between the consortium and Petro-Rabigh. The scheme will be financed by a loan from Petro-Rabigh from the financing package for the entire Rabigh conversion project (MEED 15:7:05). Marubeni is the main shareholder in the consortium, with a 30 per cent stake. JGC and Itochu hold 25 per cent and 20.1 per cent respectively. Acwapower has a 23.9 per cent holding, while Petro-Rabigh will retain a 1 per cent stake.

Rabigh is the kingdom’s second private power project after the Shouaiba independent water and power project (IWPP – see below).