It will merge a planned power and desalination project, and has secured full government funding for it, the company’s chief executive said.
Maaden will now participate with Saudi Electricity Co (SEC) and Saline Water Conversion Corp (SWCC) in building the 2400MW power plant.
Maaden, which is listed on the Saudi bourse and has government entities as its biggest shareholders, had originally planned to build its own power generation and water desalination station to fire its planned aluminium complex at Raz Al Zour on the Arabian Gulf.
It changed its plans after last year’s withdrawal of Rio Tinto Alcan as equity partner from the project due to the change in the world economic environment.
Source: Gulf Times, Doha (Qatar)