Oct 29 2011 |
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Saudi SEC Inks SAR4.6B Deal To Build Shoaiba Plant
Saturday, Oct 29, 2011
RIYADH (Zawya Dow Jones)-- Saudi Electricity Co. (5110.SA), or SEC , the largest-listed utility in the Gulf, said Saturday it signed a deal with an unspecified firm to build a 4.6 billion Saudi riyal ($1.23 billion) Shoaiba power plant in the south of Jeddah on the Red Sea.
The combined-cycle plant will have a capacity of 1,238 megawatt and will help meet the needs of the industrial sector in the Jeddah, it said in a statement posted on the Saudi bourse website.
The project will take 35 months to be completed, SEC , whose major shareholder is the Saudi government, added.
It also signed a SAR5.4 billion contract with an unnamed local firm to boost power generation at its tenth station in the capital Riyadh. The deal will boost the station's power generation by 1200 megawatts.
Copyright (c) 2011 Dow Jones & Company, Inc.
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