FINANCIAL NEWS

Saudi Electricity approves $3.9b projects

23 Aug 2010

(MENAFN) Saudi Electricity Co., the state- controlled utility, said its board approved projects valued at $3.9 billion as it seeks to meet rising demand for power in the Arab world�s largest economy, Bloomberg reported.

Projects include expanding the Rabigh power plant, building a power link between Hail and al-Jawf, and installing power cables in Mecca, the Riyadh-based company said in a statement to the Saudi bourse. The power provider will borrow and use its own funds to finance the projects, according to the statement.

Power demand in Saudi Arabia, the world�s largest oil supplier, is set to increase 8 percent a year as the population expands and the government invests to spur economic growth.

The kingdom has implemented tariffs for electricity from July 1 as it seeks more efficient energy use, the Saudi Press Agency reported in June.

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