Marubeni Corporation (hereinafter, “Marubeni”) hereby announces that, together with Abu Dhabi National Energy Company PJSC (hereinafter, “TAQA”), Marubeni has signed a Water and Energy Conversion Agreement to develop a greenfield industrial steam, water and electric cogeneration plant and seawater desalination plant, as well as pipelines between the cogeneration plant and the desalination plant, and also the desalination plant and facilities of Saudi Arabian Oil Company (hereinafter, “Aramco”) on September 15, 2021.

The plants will be located in Tanajib, in the Eastern Province of Saudi Arabia, on land procured by Aramco, and this project will supply electricity, steam, and desalinated water to the new oil and gas facilities in the area owned by Aramco. Under the contract, Marubeni and TAQA will operate the plants for 20 years on a build, own, operate, and transfer basis.

Marubeni, TAQA, and Aramco have established a special-purpose company in Saudi Arabia and will develop the cogeneration plant and the seawater desalination plant with a net capacity of approximately 940MW of electricity generation, a steam output of approximately 1,084 tons per hour, and a desalinated water output of approximately 19,470 cubic meters per day. The cogeneration plant consisting of gas turbines, heat recovery steam generators, and steam turbines can efficiently generate electricity with the waste heat used to generate process steam and achieve high thermal efficiency, which contributes to carbon emissions reduction by reducing natural gas consumption.

This will mark Marubeni’s 4th power and water project in Saudi Arabia, adding to the existing Third Party Cogeneration Projects (900MW of power, 1,500ton/h of steam) (*1); the Shuqaiq 3 Independent Water Project (450,000m³/day of water)(*2); and the Rabigh Solar PV IPP Project (300MW of power)(*3).

Marubeni owns stakes in power projects across 19 countries (including Japan) for a total net capacity of about 12GW. Also, Marubeni will continue to deploy its expertise and experience in the power generation business, and at the same time contribute to the establishment of a sustainable society by providing reliable sources of power that are also environmentally friendly.

(*1) August 29, 2013
Third Party Cogeneration Projects in the Kingdom of Saudi Arabia - Entered into the Energy Conversion Agreement
https://www.marubeni.com/en/news/2013/release/00053.html

(*2) January 30, 2019
Marubeni Corporation Enters into Long-Term Water Purchase Agreement for Shuqaiq 3 Independent Water Project in the Kingdom of Saudi Arabia
https://www.marubeni.com/en/news/2019/release/20190130E.pdf

(*3) April 09, 2021
Marubeni Signs a Power Purchase Agreement, Project Finance Agreement and Commences EPC Work for the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia
https://www.marubeni.com/en/news/2021/release/00034.html

<Project Outline – Tanajib Cogeneration and Desalination Project>
Capital contribution ratio	：	Marubeni Corporation 30.6%
		TAQA 29.4%
		Saudi Aramco 40.0%
Facility Capacity	：	940 MW (electric power), 2,390 kilo pounds/h (steam),
		19,470 cubic meters/d (desalinated water)
Commercial Operation Date	：	August, 2025 (Scheduled)
Off-taker	：	Saudi Aramco
Power Sales Contract Duration	：	20 years

<About Aramco>
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com.

<About Abu Dhabi National Energy Company PJSC (TAQA)>
Established	：	2005
President / CEO	：	Carl Sheldon
Head Office	：	Abu Dhabi, UAE
Bussiness	：	Power, water, oil, and gas operation