Samsung seals Yanbu power contract

Samsung Engineering has officially signed the $3bn contract for Yanbu Phase 3.

Samsung Engineering, together with its consortium partners Al Toukhi and Shanghai Electric, have officially signed the US $3 billion Yanbu Power Plant Phase 3 deal with Saudi Arabia’s Saline Water Conversion Corporation (SWCC).

Samsung Engineering president, Park Ki-Seok, met with SWCC’s Governer H.E. Dr Abdulrahman M. Al Ibrahim and Saudi Arabia’s Minister of Water and Electricity, H.E. Abdullah Al Hossein, at an official signing ceremony for the massive power deal.

The 3,100 MW power facility is set to be constructed in Al-Madinah Province, and will provide power to the Yanbu Industrial complex. The project is scheduled for completion within 48 months.

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Samsung Engineering’s share of the contract – valued at $1.5 billion – covers engineering, procurement, construction and commissioning on a lump-sum, turnkey basis.

“This award represents Samsung Engineering’s strong standing in the power plant business, as it is the third power plant we have received in Saudi Arabia since 2011. We look forward to exceeding SWCC’s expectations with the safe and on-time delivery of the Yanbu power plant project,” said Park Ki-Seok on the deal.