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FINANCIAL NEWS
Doosan wins $3.4b electricity contract in Saudi Arabia
28 Sep 2010
(MENAFN) A statement issued by Saudi Electricity Co. (SEC), said that South Korea’s Doosan Heavy Industries & Construction has won a $3.4 billion contract to develop the Kingdom’s Rabigh power plant, AP reported.
The Saudi government granted SEC a $4 billion loan in order to finance the project.
The 2,500-megawatt plant is about 150 kilometers northwest of the port city of Jeddah.
The Kingdom’s demand for electricity is going to rise at least 8 percent per year and that requires tens of billions of dollars in investments for new projects.
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