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SEC to privatise assets by end of 2016

Saudi Electricity Company plans to privatise its assets by the end of the year, its chairman said on Wednesday, part of a drive to increase efficiency in the Kingdom's utilities

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Privatisation, Saudi Electric, Sec, News

Saudi Electricity Company plans to privatise its assets by the end of the year, its chairman said on Wednesday, part of a drive to increase efficiency in the Kingdom's utilities.

"We expect to complete the planned privitisation of assets this year," Saleh Al Awaji told Saudi-owned Al Arabiya.

Saudi Arabia's utility regulator said in February that SEC would be split into several firms by the end of 2016 to increase efficiency.

Awaji said demand for power in the country had declined for the first time in the company's fifteen year history after a removal of government subsidies.

 

Reuters

 

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