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FINANCIAL NEWS
USD773 m worth of deals to develop Saudi power network
28 Jul 2013
(MENAFN) Saudi Electricity Company (SEC) inked six deals with international companies to purchase and install 380KV transformers in the gulf kingdom, Arab News reported.
According to the company’s CEO, Ali bin Saleh Al-Barrak, the contracts were to cope with increasing demand. Three transformer stations will be installed in Riyadh and are expected to be completed in 27-29 month.
Two deals are to install a transformer station and the cables necessary for operating it. �This project, which will be ready in 29 months, aims at boosting electricity supply in the Western Province,� Al-Barrak said.
The six contracts are worth USD 773 million. �All these new projects will increase the country�s power supply and help avoid supply disruptions,” the CEO added.
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