Oct 20 2011 |
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Saudi Elec To Set Up SAR4B Power Plant In Jeddah Province-Report
Thursday, Oct 20, 2011
BEIRUT (Zawya Dow Jones)--Mainly state-owned Saudi Electricity Co. (5110.SA), or SEC , plans to sign next week a contract to set up a new power plant at a total cost of more than 4 billion Saudi riyals ($1.07 billion) and with a generation capacity of 1,200 megawatts, Saudi-based Al Riyadh daily reports Thursday citing an executive.
The plant, which will be located in the Shoaiba area, will meet the needs of the industrial sector in the Jeddah province, Ali Al Barrak, SEC 's executive president, said according to the paper.
SEC expects to receive early next year benevolent loans from the Saudi government valued at SAR65 billion that it will use to finance projects that it has already awarded as well as projects that it will award in the coming two years, the daily cites him as saying.
Newspaper website: http://www.alriyadh.com/2011/10/20/article677341.html
(END) Dow Jones Newswires
20-10-11 0429GMT
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