A joint venture between US-based Air Products, Saudi Arabia's ACWA Power and Saudi Aramco is raising debt to help finance the purchase of assets worth $11.5 billion by the end of the year, an ACWA Power spokeswoman told Reuters.

The joint venture is in advanced stages of talks with lenders, the spokeswoman said.

The companies had signed an agreement for a gasification/power joint venture in August 2018, to serve Aramco’s Jazan Refinery and terminal.

The assets, to be purchased from Aramco, will include gasification assets, power block and associated utilities, as well as oxygen and desalinated water facilities, the spokeswoman said.

Air Products holds a 55 percent stake in the JV, with ACWA Power holding 25 percent and Aramco the remaining 20 percent, she added.

The JV will own and operate the gasification/power facility under a 25-year contract for a fixed monthly fee, the companies said last year.

Saudi Aramco will supply feedstock and the joint venture will produce power, hydrogen and other utilities for Aramco.