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Doosan Heavy inked $844 mn deal to build a power plant in Saudi Arabia
Collected
2016.12.20
Distributed
2016.12.22
Source
Go Direct
Kim Hun-tak, CEO of Doosan Heavy’s EPC BG (fourth from the left) and David Rich, CTO of Engie (third) are taking a picture after signing the a contract.

Kim Hun-tak, CEO of Doosan Heavy’s EPC BG (fourth from the left) and David Rich, CTO of Engie (third) are taking a picture after signing the a contract.

South Korea’s Doosan Heavy Industries & Construction Co. has signed a 1 trillion won ($844 million) deal with France’ s Engie SA to build a combined heat and power (CHP) plant in Saudi Arabia, Korea`s leading power equipment maker said Monday.

The 1,519-megawatt (MW) grid, due for completion by late November 2019, will mainly supply power to Fadhili gas-processing complex located 85 kilometers north of Jubail Port.

Under an engineering, procurement and construction arrangement, French multinational energy group Engie, as a developer, will be in charge of project development and planning, investment, funding, construction, operation and management.

Engie has formed a consortium with Doosan Heavy Industries to carry out the project after it won the procurement from state-run Saudi Electric Co. and national oil giant Saudi Aramco.

Shares of Doosan Heavy closed Monday at 26,150 won, up 0.19 percent or 50 won from the previous session.

By Moon Ji-woong

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]