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FINANCIAL NEWS
Saudi Arabia inks Samsung power plant deal
27 Jan 2017
(MENAFN) Saudi Arabia has terminated a deal awarded to S. Korea’s Samsung Engineering for constructing a 3.100 MW power and desalination plant on the Red Sea coast.
Moreover, the USD3bn project was awarded by state-owned Saline Water Conversion Corporation to a consortium led by the Korean firm in 2012.
In addition, Samsung was the main contractor for the power plant, commanding half or USD1.5bn in lump-sum contract value.
The contract was initially due to be finished by Dec 28 last year, but pushed back to August 25 next year.
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MENAFN2701201700450000ID1095219204
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