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FINANCIAL NEWS
Saudi Marafiq invites bids for $1.5b project
15 Jul 2010
(MENAFN) Saudi Arabian utility Marafiq has invited international firms to bid to build a $1.5 billion, 850 megawatt (MW) steam power plant in the Red Sea port of Yanbu, Reuters reported.
The plant, to be fired with heavy fuel oil or Arab light crude as a backup, one of the sources said, is part of the leading crude exporter?s drive to increase power generation to keep pace with rising industrial demand.
Those invited to bid for the main power package include Germany?s Siemens, Spain?s Tecnicas Reunidas and Italy?s Saipem and US engineering company Bechtel.
Asian companies in the running are South Korea?s Hyundai Heavy Industries Co, Samsung Engineering, Hanwha Engineering and Construction Co and Daelim Industrial.
The work is also divided into three other packages, each with a different closing date for bids.
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