Samsung wins a slice of $3bn Yanbu project
Saudi's SWCC awards contract for massive power and water plant
South Korea’s Samsung Engineering has announced that it has received a letter of award from Saudi Arabia’s Saline Water Conversion Corporation (SWCC) for the Yanbu Power Plant Phase 3 project, which has a total project value of US $3 billion.
Under the contract, a consortium comprising Samsung Engineering, China’s Shanghai Electric and Saudi Arabia’s Al Toukhi will work on the scheme. Samsung will execute the engineering, procurement, construction and construction of the power plant on a lump-sum turnkey basis in a deal worth $1.5 billion.
The Yanbu Phase 3 scheme, planned to be built in Al-Madinah Province in the southern part of Yanbu, is set to comprise a 3,100 MW power and desalination plant that will provide power for the Yanbu Industrial complex.
“We are pleased to have this opportunity to contribute to the development of the Kingdom as this power plant will produce the power needed for the industrial complex. We believe that Samsung Engineering can go beyond our client SWCC’s expectations by successfully completing this mega project on time and safely,” said Samsung Engineering President and CEO, Park Ki-Seok.
The power plant is expected to be constructed within 48 months.