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FINANCIAL NEWS
Saudi SEC awards Siemens USD175 m project
29 Dec 2013
(MENAFN) Saudi Electricity Company (SEC) has awarded Siemens, a global powerhouse in electronics and electrical engineering operating in the energy, infrastructure, industry and health care sectors, a project to construct 380 kV Hail 3 substation, according to Arab News.
The deal was signed between SEC President and CEO Ali Al-Barrak and Head of Energy Transmission Siemens Saudi Arabia Peter Bruder, and was estimated at USD175.9 million.
Arja Talakar, CEO of Siemens Saudi Arabia, said: “The contract is a testimony to Siemens commitment and contribution toward the reliable and efficient energy supply for the Kingdom. The Hail region is undergoing a rapid population, agricultural and industrial growth. This substation will ensure a continuous power supply without compromising the reliability, efficiency, and environmental compatibility of the comprehensive energy system.”
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