Shanghai Electric, Samsung Get $3 Billion Saudi Water Contract
A group of companies led by Shanghai Electric Group Co. (2727) and Samsung Engineering Co. (028050) won a 11.3 billion-riyal ($3 billion) contract to build a desalination plant on the Red Sea coast in Saudi Arabia.
The contract for the 550,000 cubic meter a day facility, known as Yanbu III, was awarded by the Saline Water Conversion Corp., according to a statement on the Riyadh-based company’s website. Saudi Al Toukhi Co. for Industry, Trading and Contracting is also part of the group.
Saudi Arabia, the world’s largest user of desalinated water, is increasing its water facilities to meet rising demand in the kingdom. State-owned National Water Co. plans to spend $66 billion on plants and upgrades over the next 10 years.
The Yanbu plant will have a power capacity of 2,500 megawatts, SWCC said.
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