Riyadh – Mubasher: Electrical Industries Company (EIC) has signed a non-binding memorandum of understanding with Russia’s Izolyator Company to build an insulators plant in Saudi Arabia.

The new plant will produce insulators used in manufacturing electricity transformers, according to EIC’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The Saudi-based company did not give further details regarding the project's total cost.

Under the deal, both parties can terminate the deal through a written note with one-month notice.

EIC noted that the financial impact of the deal cannot be determined at the moment.

Moreover, the signed copies of the MoU will be exchanged upon President Vladimir Putin’s visit to the Kingdom on Monday, 14 October.

Source: Mubasher

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