Samsung C&T wins US$2.1 bln deal from Saudi Arabia

SEOUL, Sept. 22 (Yonhap) -- Samsung C&T Corp., a South Korean trading and construction company, said Thursday it had clinched a US$2.1 billion deal to build and run a thermal power plant in Saudi Arabia.
Under the deal with the Saudi Electric Company (SEC), Samsung C&T will build a 4,000 megawatt gas combined cycle power plant in Qurayyah on the east coast, some 100 kilometers south of Dammam, by 2014, said the builder.
Samsung C&T will form a consortium with Saudi developer ACWA Power International and MENA Fund, a private equity fund of the United Arab Emirates, to operate the plant and supply electricity to SEC for the next 20 years, it said.
The SEC also will take a 50 percent of the consortium, it said.
The Qurayyah Independent Power Project, worth a total of $2.85 billion, is aimed at building power plants to meet growing electricity demand in the Middle East country.
Samsung C&T said it is the first South Korean builder to participate in the privately-funded power plant project as a engineering, procurement and construction contractor.
brk@yna.co.kr
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