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Samsung CT Awarded $2.85 billion Qurayyah IPP from SEC

Samsung CT Engineering and Construction Group, in a joint consortium with ACWA Power and MENA Infrastructure Fund, has been awarded a $2.85 billion contract for the construction on an EPC basis of Qurayyah Combined Cycle Gas-fired Independent Power Project (IPP) from Saudi Electricity Company (SEC).


 

Saudi Arabia is planning six IPPs in the Kingdom aimed at adding 20,000 megawatts (MW) to the domestic grid by 2018. As part of this plan, SEC will build the world&rsquos largest 4,000MW Combined Cycle Gas-fired IPP at Qurayyah, located about 100km south of Saudi Arabia&rsquos largest eastern city, Dammam. The project commercial operation date is scheduled for 2014 and, once completed, Samsung C&T/ACWA/Mena Consortium will sell its entire capacity and output of power to SEC under a 20 year Power Purchase Agreement (PPA).  

 

"We are honored to be the EPC contractor selected to deliver a world-class power project for SEC, which we hope will stimulate growth in the region. Samsung C&T has experienced success in diversification of its services in the Middle East, with the Braka Nuclear Power Plant in Abu Dhabi and Shuweihat S2 IWPP in Abu Dhabi. I am confident that Samsung C&T will complete Qurayyah IPP in a timely manner based on the company&rsquos skill-sets, project completion capabilities, and with the cooperation of local contractor," said Samsung C&T President & CEO Yeon-Joo Jung.

 



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