en.Wedoany.com Reported - Korea Electric Power Corporation (KEPCO) has signed a $1.4 billion agreement with Saudi Aramco to build and operate the second phase of the Jafurah cogeneration plant in Saudi Arabia. The total investment in this large-scale natural gas project is estimated at $100 billion.

The cogeneration project undertaken by KEPCO includes the construction of a 331-megawatt facility, capable of producing approximately 465 tons of steam per hour by June 2029. According to a KEPCO statement cited by the Korea Times, the plant will supply electricity and steam to Saudi Aramco under a 17-year contract, with expected revenue of approximately 2.1 trillion won ($1.4 billion) over the contract period.

Saudi Arabia has initiated large-scale development of the Jafurah gas field. As the country's largest non-associated gas development project, it plays a critical role in significantly boosting Saudi Arabia's natural gas processing capacity to meet growing demand.

Saudi Aramco has completed the first phase of the Jafurah gas plant and commenced production, with a current capacity of 450 million standard cubic feet per day.

Upon full completion of the project by 2030, Jafurah's sustainable production is expected to reach 2 billion standard cubic feet of natural gas per day.

With a total investment of $100 billion, the Jafurah development project is considered the largest unconventional natural gas development outside the United States. Its reserves are estimated at approximately 229 trillion cubic feet of natural gas, along with 75 billion barrels of condensate.

Upon completion by 2030, the project is also expected to produce 420 million standard cubic feet of ethane per day and 630,000 barrels of high-value liquids per day.

The Jafurah project is a cornerstone of Saudi Aramco's strategic expansion in natural gas, focusing on meeting Saudi Arabia's growing domestic gas demand while investing in the global liquefied natural gas market.

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