Samsung wins $2.1 billion order in Saudi Arabia

South Korean builder Samsung C&T said Thursday it has secured a $2.1 billion deal to build a thermal power plant in Saudi Arabia. Samsung said it would build the 4,000 megawatt plant in Qurayyah by 2014. The deal was part of a Saudi project to build six power plants by 2018.
Samsung formed a consortium with Saudi developer ACWA Power International and MENA Fund, a private equity fund in the United Arab Emirates, to operate the plant and supply electricity to Saudi Electric Co. The builder said the Saudi firm would take a 50 percent stake in the consortium. In March Samsung signed a $2.76 billion deal to build a liquefied natural gas complex in eastern Saudi Arabia by June 2014.