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FINANCIAL NEWS
Samsung Engineering consortium inks USD3b Saudi power contract
21 Dec 2012
(MENAFN) Samsung Engineering announced that it has signed a USD3 billion Saudi contract for the Yanbu Power Plant Phase 3 project, reported Arabian Business.
The company said that its consortium, which includes Saudi-based Al Toukhi and China’s Shanghai Electric, inked the contract with Saline Water Conversion Corporation (SWCC).
It added that the 3,100MW power plant, which is scheduled to complete in 4 years, is the South Korean firm’s third in the Kingdom since 2011, and will be established in Al-Madinah Province to provide the Yanbu Industrial complex with electricity.
The plant will have a daily capacity of 550,000 cubic meters of desalinated water and a power capacity of 2,500 megawatts.
Samsung’s scope includes engineering, procurement, construction and commissioning, on a lump-sum turnkey basis, with a contract value of USD1.5 billion.
It is worth noting that SWCC plans to almost double daily energy-intensive desalinated water production to nearly 6 million cubic meters by the end of 2015.
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