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FinancialNews


  • 27-01-17

    Saudi Arabia inks Samsung power plant deal

    (MENAFN) Saudi Arabia has terminated a deal awarded to S. Korea's Samsung Engineering for constructing a 3.100 MW power and desalination plant on the Red Sea coast.

    Moreover, the USD3bn project was awarded by state-owned Saline Water Conversion Corporation to a consortium led by the Korean firm in 2012.

    In addition, Samsung was the main contractor for the power plant, commanding half or USD1.5bn in lump-sum contract value.

    The contract was initially due to be finished by Dec 28 last year, but pushed back to August 25 next year.

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