Thursday 17 April 2014
 
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Saudi Electricity gets $13bn govt loan

State-owned power utility Saudi Electricity Co has been granted an interest-free loan of 49.4 billion riyals ($13.2 billion) from the government to help fund its power generation projects, the company said on Thursday. The company

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Saudi switch saves 550,000 bpd crude

Saudi Arabia will save 200 million barrels a year of liquid fuel by switching its power stations to more efficient combined cycle turbines, the head of Saudi Electricity Co (SEC) said on Tuesday in a speech reported by state media.

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Saudi Electricity raises $1.2bn from sukuk

Saudi Electricity Company said on Sunday it raised 4.5 billion riyals ($1.2 billion) from the sale of an Islamic bond. The sukuk was priced at 70 basis points over the 3-month Saudi interbank offered rate (Saibor), the Gulf's

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Saudi Electricity completes $1.2bn sukuk

Saudi Electricity Company (SEC) has completed a 4.5 billion riyal ($1.2 billion), 10-year floating-rate sukuk offer, pricing the deal at 70 basis points over the Saudi Interbank Offered Rate. The state-owned firm said late last ye

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SEC to sell local currency sukuk

Saudi Electricity Company (SEC) said on Thursday it had chosen two banks to arrange roadshows ahead of a riyal-denominated Islamic bond issue. The kingdom's monopoly utility said it would offer the sukuk to investors between J

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Saudi seeks bids to build integrated gas/solar plant

Saudi Electricity Company (SEC) has invited companies to build, own and operate Saudi Arabia's first fossil-fuel fired power plant to use solar energy to cut carbon emissions, the state utility said on Monday. The 550-megawatt

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SEC signs $366m loan for Jeddah power plant

Saudi Electricity Co (SEC) has signed a $366 million loan agreement with the Japan Bank for International Cooperation (JBIC) and two Japanese banks to help finance the construction of a 2,650 megawatt (MW) power plant in Jeddah. T

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Alstom wins $176m contracts in Saudi

Alstom, a provider of advanced electrical grid solutions, has won a total of nine contracts worth around 130 million euros ($176.5 million) in Saudi Arabia. The contracts awarded by Saudi Electricity Company (SEC), Saudi Arabia&rs

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GE wins $560m Saudi Electricity order

General Electric has won a contract worth around 2.1 billion riyals ($560 million) to supply Saudi Electricity Co (SEC) with gas and steam turbines for two new power plants in Riyadh, sources familiar with the deal said. The utili

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Saudi Electricity CEO resigns

Saudi Electricity Co has approved the resgnation of its long-serving chief executive, Ali bin Saleh Al-Barrak, "upon his own request", the company said on Monday.   It said the resignation would take ef

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