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Wed 31 Aug 2016 04:37 PM

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Saudi state utility says to privatise assets by year-end

Saudi Electricity Company's privatisation is part of drive to increase efficiency in kingdom's utilties

Saudi state utility says to privatise assets by year-end

Saudi Electricity Co plans to privatise its assets by the end of the year, its chairman said on Wednesday, part of a drive to increase efficiency in the Kingdom's utilities.

"We expect to complete the planned privitisation of assets this year," Saleh al-Awaji told Saudi-owned al-Arabiya.

Saudi Arabia's utility regulator said in February that SEC would be split into several firms by the end of 2016 to increase efficiency.

Awaji said demand for power in the country had declined for the first time in the company's fifteen year history after a removal of government subsidies.

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