SWCC says privatisation plans remain on track
Saudi state agency says Yanbu/Ras Al Zour plans will not derail focus
The governor of the Saline Water Conversion Corporation (SWCC) has said that the state agency’s privatisation plants remain on track, and that no staff will be laid off as a result of the move.
In a company statement, Fehied Al Shareef indicated that SWCC was in the final stages of preparing the constitutional documents for the set-up of the new joint stock holding company, which will be submitted to the Supreme Economic Council for approval within the next few months.
Crucially, the move allows for potential private sector participation in both the holding company and any subsidiary production companies.
Al Shareef also added that the government’s recent decision to hand the former IWPP projects at Yanbu and Ras Al Zour to SWCC would not affect the privatisation plan.
As previously reported by utilities-me.com, SWCC was awarded the EPC contract for the US $5.5 billion Ras Al Zour project earlier this month. The consortium that had originally won the bid was ejected due to increased financing costs and the delay in executing project agreements.