Naharnet

Samsung Wins $2.1 Billion Order in KSA

South Korean builder Samsung C&T said on Thursday it has secured a $2.1 billion deal to build a thermal power plant in Saudi Arabia.

Samsung said it would build the 4,000 megawatt plant in Qurayyah by 2014. The deal was part of a Saudi project to build six power plants by 2018.

Samsung formed a consortium with Saudi developer ACWA Power International and MENA Fund, a private equity fund in the United Arab Emirates, to operate the plant and supply electricity to Saudi Electric Co.

The builder said the Saudi firm would take a 50 percent stake in the consortium.

In March Samsung signed a $2.76 billion deal to build a liquefied natural gas complex in eastern Saudi Arabia by June 2014.

Source: Agence France Presse


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