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FINANCIAL NEWS
Saudi power plant on sale for USD7bl
30 Sep 2017
(MENAFN) Saudi Saline Water Conversion Company (SWCC) picks BNP for USD7 billion plant sale advisory; they hired BNP Paribas SA to advise them on the sale of Ras Al Khair power plant, as reported by Bloomberg.
Ras Al Khair power plant is considered the largest of its kind being built at a cost of USD7.2 billion; moreover, SWCC is cooperating with the French lender along to find a buyer for the plant, said the report.
As a part of a reform program organized by Crown Prince Mohammed Bin Salman, Saudi Arabia is planning to sell hundreds of state assets such as Saudi Arabian oil company, Stakes in the stock exchange, football clubs in addition to flour mills.
The report added, the sale is part of a broader strategy to privatize SWCC by selling some of its existing assets and developing new plants with the private sector.
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MENAFN3009201700450000ID1095909668
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