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FINANCIAL NEWS
SEC lands a USD3.12b contract for Jeddah power plant
08 Oct 2012
(MENAFN) Saudi Electricity Co (SEC) has awarded a USD3.12 billion contract to build a 2.7 gigawatt power plant in south Jeddah to an unidentified bidder, Reuters reported.
SEC said in a statement that the contract for the plant, which is expected to be fueld with oil, will be signed in the coming months.
The plant, which will use steam turbines, is expected be completed within 45 months, the company added.
It also said that the source funding for the project will be from its own balance sheet as well as borrowing from the government and from local and international lenders.
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