Thursday, January 26, 2017

Saudi Arabia terminates Samsung power plant contract

Saudi government has terminated a contract awarded to South Korea’s Samsung Engineering for building a 3,100-megawatt power and desalination plant on the Red Sea coast in the industrial city of Yanbu,  due to differences over the final construction terms, said a report.

The engineering, procurement and construction (EPC) contract for the $3-billion project was awarded by state-owned Saline Water Conversion Corporation to a consortium led by the Korean company in 2012, reported Pulse News.

Samsung was the main constructor for the power plant, commanding half, or $1.5 billion in lump-sum contract value, it stated.

About 55 per cent of the construction has been completed, said the report, citing a source.

The contract was initially due to be completed by December 28 last year, but pushed back to August 25 next year upon agreement, it added.

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