ArabianBusiness.com - Middle East Business News
Friday, 27 November 2009 00:03 UAE time

YOUR DIRECTORY /

| Share |

Saudi Electricity Company obtains $1.09bn loan

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 22 June 2009
POWER LOAN: Saudi Electricity Company has obtained the loan to finance new power generation units. (Getty Images)
POWER LOAN: Saudi Electricity Company has obtained the loan to finance new power generation units. (Getty Images)

Saudi Electricity Company (SEC) has obtained a 12-year, SR4.1 billion ($1.09 billion) loan from US Export-Import and Canada’s Export Development Credit (EDC).

The company said in a statement the loan was meant to "finance acquisition of power generation units with 2.9 megawatts capacity", Saudi Gazette reported on Monday.

The company is constantly battling to meet the power demands of a growing population.


Story continues below ↓
advertisement

On Sunday, it awarded a $133m contract to Alfanar Construction Company for the construction of an electricity substation in Riyadh.

The project comes as part of Saudi Electricity Company's plan to further enhance the power supply capacity to meet the growing demand for electricity in Riyadh, particularly the north west region of the city, where the project will deliver electricity to new facilities.

Alfanar Construction Company is currently executing several key projects for the Saudi Electricity Company valued at more than $1.2bn in different parts of the kingdom.

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST ENERGY

  1. Shell delays Qatargas4 project by a year
  2. OPEC chief calls for climate talks compensation
  3. UAE nuclear deal seen in next few weeks
  4. $4.4bn Abu Dhabi oil project contracts awarded
  5. Qatar eyes $9.8bn petro investment in Asia

TOP MIDDLE EAST BUSINESS STORIES

  1. Abu Dhabi transport chiefs give Eid gift to motorists
  2. Emirates 'forced' to raise fares on some German routes
  3. Daman gets tough on healthcare fraudsters
  4. NASDAQ Dubai chairman resigns
  5. Kuwait firms coping amid global crisis - Ernst & Young

ALSO IN MIDDLE EAST ENERGY

  1. Switching it up
  2. Ducab starts work on new $136m factory
  3. ABB wins $38m deal to improve power efficency
  4. Oman sees oil price at $70-$80 per barrel in 2010
  5. Yards ahead

LATEST MIDDLE EAST BUSINESS NEWS

  1. Politics & Economics: European bank shares plunge on Dubai debt concerns
  2. Politics & Economics: Moody's cuts Dubai GRI ratings amid debt delay
  3. Politics & Economics: Job losses seen slowing in UAE - StanChart
  4. Transportation: Abu Dhabi transport chiefs give Eid gift to motorists
  5. Banking & Finance: Cost of insuring Dubai's debt rises further

SHARE PRICE CHECK

RELATED STORIES

Saudi Electricity Company
| 47 stories
  1. Pressure seen easing on struggling Saudi power grid
    8 Nov '09 | News
  2. Saudi signs $1.8bn deal to expand Qurayat power plant
    21 Oct '09 | News
  3. Gulf Arab states link up to foil power crunch
    23 Jul '09 | Features

RELATED LINKS

  1. Saudi Electricity Company»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Saudi Electricity Company

  2. Energy


CURRENCY CONVERTOR

Tell us your story

CURRENT ISSUE


 

READER COMMENTS

  1. Deal sought on Dubai World, Nakheel debts 20
    26 Nov ' 09 at 20:13
    Red Devil/Sandjocky, I have also had several posts blocked over the past couple of days, posts that speak of the facts only as they...   More  »
  2. UAE real estate market has now hit bottom - analysts 05
    26 Nov ' 09 at 21:36
    Comn' AB is a yo-yo when it comes to news.People forecasting good and then bad. Good and bad and then some more "experts" saying...   More  »
  3. Moody's cuts Dubai GRI ratings amid debt delay 02
    26 Nov ' 09 at 19:51
    Dubai World better change its slogan & reposition itself - Dubai LTD.   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY