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Saudi Awards $3.4B Electricity Contract to Doosan | ASHARQ AL-AWSAT English Archive 2005 -2017
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RIYADH, Saudi Arabia (AP) – Saudi Electricity Co. says it has awarded South Korea’s Doosan Heavy Industries & Construction a 12.75 billion riyal ($3.4 billion) to expand the kingdom’s Rabigh power plant.

The Saudi firm said in a statement Tuesday the project will be financed through a 15 billion riyal loan the company was given by the government.

The 2,500-megawatt plant is about 94 miles (150 kilometers) northwest of the port city of Jeddah.

Saudi officials estimate that the oil rich kingdom’s electricity needs will grow by at least eight percent yearly — a level that requires tens of billions of riyals in investments for new projects.