KHOBAR - South Korea's Doosan Heavy Industries & Construction has cut by SR2.1 billion ($559.9 million) a proposal it made for the construction of a 2,400 megawatt power plant in Saudi Arabia, an industry source said. The plant in Rabigh would have capacity of 2,400 to 2,800 MW, some 12-14 percent of the 20,000 MW the SEC plans to add through 2018, at an estimated total cost of $80 billion. Doosan remains the lowest bidder to build the plant for state-controlled Saudi Electricity Co (SEC). Doosan revised its bid to SR12.7 billion from SR14.8 billion. The other two bidders, Hyundai Heavy Industries (HHI) and France's Alstom (have also revised their bids to SR13.9 billion and SR14.4 billion respectively. A Doosan official, who declined to be named, confirmed his company was the lowest bidder for the project. He added a decision on the project was likely to be taken late in August or early September. Hyundai Heavy confirmed it made a revised offer but declined to confirm prices. A spokesman for Alstom said no decision had been made yet and that the company expected a decision to be taken in coming weeks.
