Home / Samsung seals Yanbu power contract
Samsung seals Yanbu power contractby Adam Lane on Dec 20, 2012
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.
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.
- Rising Qatar power demand needs major investment
- $45bn to double Egypt power production
- Iraq power sector gets $375mn IFC financing boost
- Oman set for $1bn new power investments
- $225mn Emirates NBD loan for Egypt power projects
- Siemens signs deal for 2.2GW power plant in UAE
- ACWA Power to invest up to $12bn in Egypt
- Siemens in energy co-operation deal with Iraq
- Qaiwan secures $105mn loans for 442MW power plant
- The Abraaj Group launches energy development arm