Samsung C&T seeks Qurrayah IPP extension
Korean contractor did not complete $2bn project by 30 June deadline.
Samsung C&T Corporation is seeking a deadline extension to complete the $2.1bn Qurrayah Independent Power Plant (IPP) in Saudi Arabia.
The Korean contractor is "taking procedures to adjust the conditions of contract", it said in a statement to the Korean Stock Exchange.
Samsing C&T started work in October 2011 and under the terms of the contract was due to complete on 30 June, 2014.
It holds a 17.5% stake in Hajr Electricity Production Co., the owner of the 4,000MW plant under construction around 100km south of Dammam.
Other shareholders in the consortium are Acwa Power (17.5%), the MENA Infrastructure Fund and Saudi Electricity Co (50%) which has contracted to buy the plant’s entire output over a 20-year period.
Qurrayah Independent Power Plant (IPP) is one of the biggest Combined Cycle Gas Power Plants in the world.