Siemens wins SR660m Saudi electricity deal

Updated 22 January 2014
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Siemens wins SR660m Saudi electricity deal

Siemens, a global powerhouse in electronics and electrical engineering operating in the energy, infrastructure, industry and health care sectors, has been awarded a turnkey project to build the 380 kV Hail 3 substation by Saudi Electricity Company (SEC).
The contract valued at approximately SR660 million was signed between SEC President and CEO Ali Al-Barrak and Head of Energy Transmission Siemens Saudi Arabia Peter Bruder.
Under this contract, Siemens will supply all key components such as gas insulated switchgear, transformers, reactors, protection and telecommunication systems as well as civil and electromechanical works.
“The contract is a testimony to Siemens commitment and contribution toward the reliable and efficient energy supply for the Kingdom. The Hail region is undergoing a rapid population, agricultural and industrial growth. This substation will ensure a continuous power supply without compromising the reliability, efficiency, and environmental compatibility of the comprehensive energy system,” said Arja Talakar, CEO of Siemens Saudi Arabia.
“Together with our partners E.A. Juffali & Brothers, we have continuously been striving for localization and advancement of the country’s infrastructure and development,” he added.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.