SEC pens $3.76bn electricity deal
Saudi utility will supply power to Sadara Chemical Company over 20 year period.
Saudi Electricity Company (SEC) has entered into a $3.76bn contract to supply electricity to Sadara Chemical Company for 20 years.
Under the deal, the utility will power the chemical complex at Jubail Industrial City II in the Eastern Province of the Kingdom of Saudi Arabia.
The value of the deal is based on the current applicable industrial tariff established by the Electricity and Co-Generation Regulatory Authority.
The other terms of the agreement are consistent with the power supply implementation agreement previously entered into between Sadara and SEC in April 2012.