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Shuaiba plant deal under negotiations.
(From Gulf Construction)
Jeddah Saudi Arabia's Water and Electricity Company (WEC) has started detailed talks with a Saudi-Malaysian group to set up a power and water plant in Shuaiba, southwest of the kingdom
The WEC said it hoped to sign a power and water purchase agreement in October with the group, which includes power firms Tenega Nasional and Malakoff and state investment arm Khazanah Nasional
"We will now enter into contractual negotiations with the first-ranked bidder," WEC said, referring to the consortium which submitted the lone bid to build, own and operate the plant
The installation will be able to produce 900 MW of electricity and 880,000 cu m of desalinated water per day. A source at WEC said it hoped to have financing arrangements for the plant, which will cost up to SR9.0 billion (about $2.4 billion), concluded in the first quarter of next year
The project is backed by Dutch bank ABN AMRO, Arab Bank, Export-Import Bank of Korea, Riyad Bank and Saudi Hollandi Bank
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