Samsung-led consortium signs US$3 billion Yanbu Power Plant deal

Saudi-Yanbu--SigningSamsung Engineering and consortium partners Al Toukhi and Shanghai Electric have signed a US$3bn contract with Saudi Arabia’s Saline Water Conversion Corporation (SWCC) for the construction of the Yanbu Power Plant Phase 3 project

SWCC governor Dr Abdulrahman M Al Ibrahim, Saudi Arabia’s minister of water and electricity Abdullah Al Hossein, Al Toukhi chairman Mahmoud Al Toukhi, president of power EPC at Shanghai Electric Yuan Yi, and Samsung Engineering president and CEO Park Ki-Seok confirmed the deal in an official ceremony.

The 3,100MW power plant will be built in Al-Madinah province and will supply electricity to the Yanbu Industrial complex after the project has been completed in 48 months, the company said in a statement.

Samsung Engineering’s scope for the power plant includes engineering, procurement, construction and commissioning, on a lump-sum turnkey basis, with a contract value of US$1.5 billion.

At the signing ceremony Park Ki-Seok said, “This award represents Samsung Engineering’s strong standing in the power plant business, as it is the third power plant we have received in Saudi Arabia since 2011. We look forward to exceeding SWCC’s expectations with the safe and on-time delivery of the Yanbu power plant project.”

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