Sunday, Jun 09, 2013
(This article was first published on Saturday.)
BEIRUT (Zawya Dow Jones)--Saudi Electricity Co. (5110.SA) has signed four contracts worth 1.4 billion Saudi riyals ($373.7 million) to set up a substation and transmission lines, the Saudi Press Agency reports Saturday citing an executive.
The Mashaer substation project, to be located in the holy city of Mecca, will have a total cost of SAR505 million and is expected to be completed within 27 months, Ali Al Barrak, SEC's chief executive, said according to the news agency.
The three other contracts involve setting up ground cables at a total cost of SAR896 million to link different distribution substations in the Saudi capital city of Riyadh, SPA cites Mr. Barrak as saying.
All four contracts have been awarded to local companies, Mr. Barrak said without naming the contractors, the news agency reports.
SEC, which is mainly owned by the Saudi government, closed +0.4% at SAR13.10 Saturday.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
Copyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires
09-06-13 0355GMT
