Korea Electric Power Corporation (KEPCO) has won the contract for the second phase of the Jafurah combined cycle power plant project in Saudi Arabia, according to a news report.

The company signed a power and steam sales agreement with Saudi Aramco for the second phase of the Jafurah power plant construction and operation project, the state-owned Yonhap News Agency reported, citing a company statement.

The value of the contract was not given.

In a separate statement, South Korea's Doosan Enerility said it received an Engineering, Procurement, and Construction (EPC) contract valued at 840 billion won ($556 million) from KEPCO for the plant.

The Jafurah project aims to build a combined-cycle power plant with an installed capacity of 331 megawatts (MW), producing approximately 465 tonnes of steam per hour.

Upon completion in June 2029, the plant will supply Aramco with power and steam for 17 years. 

A special purpose vehicle (SPV) established by KEPCO in partnership with Aramco will manage the project. 

Funding for the contract has been secured from the Export-Import Bank of Korea. 

KEPCO expects the project to generate combined export revenues of 1.2 trillion Korean won for local companies, the report said.

In February 2026, Aramco had formally announced the start of production at its Jafurah unconventional gas field.  Covering an area of 17,000 square kilometres, Jafurah is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.