(MENAFN) The Saudi Electric Company (SEC) inked two deals with a local company for the building and expanding of two conversion plants, Arab News reported.
The two USD123.7 million contracts are said to aim to resolve problems caused by the hugely increasing demand on power in the Kingdom.
SEC Chief Executive Officer, Ali bin Saleh Al-Barrak, said: "The project comes within the framework of the company"s efforts to enhance the electrical system."
He said that power consumption in Saudi Arabia is three times higher than the world average which is due to cheap oil prices leading to cheap electricity prices. He also said that power consumption will remaioin increasing in the Kingdom.
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