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01-07-14

Saudi power sector grows 6 percent in 2013

(MENAFN) Saudi Electricity Company (SEC) and the National Gas and Industrial Company (GASCO) posted a 6 percent growth in sales reaching USD9.984 billion in 2013 compared to USD9.435 billion in 2012, according to Arab News. The kingdom's power sector saw a drop in sales by 12.4 percent in the first three months of the current year, totaling USD2 billion compared to USD2.29 billion during the same period 2013. In the meantime, net losses of the sector rose by 42 percent to USD234.4 million in the first quarter of 2014, compared to USD165.43 million in same quarter 2013.