Dubai: Saudi Arabian Oil Co plans to develop six power stations worth an estimated $1 billion (Dh3.67 billion) due to concerns within the company over the ability of the kingdom's main power generator, Saudi Electricity Co, to provide the required level of electricity supplies, Middle East Economic Digest (Meed) reported in its latest weekly edition.
Expansions
Saudi Aramco has appointed HSBC to act as financial adviser on the development of six power plants, three of which could be expansions of existing plants owned by Aramco's current power supplier, the Tihama Power Generation Co, a joint venture of International Power and Saudi Oger, Meed reported on Friday.
Initial meetings between Aramco and HSBC about the programme have already started, Meed added.
Tihama currently has four plants in operation and produces 1,076 megawatts of power for Aramco, Meed reported.
