Jun 23 2011 |
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Saudi Elec Co Says Signs $989M Loan For Expansion Project
Thursday, Jun 23, 2011
(This item was originally published Wednesday.)
DUBAI (Zawya Dow Jones)-- Saudi Electricity Co. (5110.SA), or SEC , said Wednesday it signed a 12-year $989 million loan with a group of international banks.
The loan will be used to purchase equipment from Alstom S.A. (ALO.FR) for the expansion of the 1,200-megawatts Shuaibah 3 power station on the Red Sea, SEC said in a statement posted on the website of the Saudi bourse.
SEC agreed a 51.1 billion Saudi Arabian riyals ($13.6 billion) lifeline with the Saudi government earlier this month to support its expansion plans.
SEC shares closed 0.7% higher at SAR13.70 Tuesday.
-By Angus McDowall of Dow Jones; +971-4-446-1685, angus.mcdowall@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
23-06-11 0353GMT
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