Korean firm top bidder for Saudi power plant
Riyadh, March 17, 2009
State-run Korea Electric Power Corp (Kepco) has been named the top-ranked bidder in a race to win a $2.5 billion fuel-oil power plant project in Saudi Arabia, the power monopoly said on Tuesday.
A consortium -- including Kepco, which supplies nearly all of the power used in South Korea, and Saudi's ACWA Power International -- has been picked as the preferred bidder, against a consortium of Belgium's Suez, England's IP and Saudi's Oger, the firm said in a statement.
The Rabigh project is to build the 1,204 megawatt fuel oil power plant in the city of Rabigh by 2013, and operate the unit until 2033.
If the deal is finalised, Kepco and ACWA will each have 40 percent stakes in the project, while Saudi Electricity Company (SEC) will own 20 percent, the statement said. -Reuters