The Saudi Electricity Company (SEC) awarded on Tuesday the SR12.75 billion ($3.4 billion) project to expand the Rabegh power plant to South Korea's Doosan Heavy Industries and Construction. The 2,500-megawatt plant is about 94 miles (150 km) northwest of Jeddah. The project will be financed through a SR15-billion loan to SEC from the government. Officials estimate that the Kingdom's electricity needs will grow by at least eight percent per year – a rate that will require tens of billions of riyals in investments for new projects.
