Business & Finance
Showa to build 500 KW power plant
RIYADH : Saudi state utility company Saudi Electricity Co and Japanese refiner Showa Shell Sekiyu will build a 500 kilow
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The plant will be funded by Showa Shell, SEC's Chief Executive Ali al-Barrak said in the statement.
Showa Shell will own the project for 15 years or less, after which the assets will be transferred to SEC.
No cost was given for the project which will be built on the kingdom's Farazan Island, the statement said.
Showa Shell is owned one-third by Royal Dutch Shell and nearly 15 percent by Saudi Aramco.
Copyright Reuters, 2011