General Electric Co. (GE) said that Monday it signed agreements worth
about $700 million to supply
Saudi
Arabia
with equipment related to the
construction of a gas-fired power plant. The new power plant, located about 80
kilometers west of the capital,
Riyadh
, will
be owned and operated by Dhurumna Electricity Co., formed by the Saudi
Electricity Co. (5110.SA) and a consortium consisting of GDF Suez of France ,
Aljomaih Group of
Saudi Arabia
and
Sojitz Corp. (2768.TO) of
Japan
.
South
Korea
's Hyundai Heavy Industries
Co. (009540.SE) will design and construct the plant, which will add about 1,730
megawatts of power to Saudi Electricity's grid.
Saudi
Arabia
is expected to need about
70,000 megawatts of power by the year 2020, compared to 44,000 megawatts
installed currently.