RIYADH: A Saudi company has signed a Memorandum of Understanding (MoU) with a Turkish company to form a joint venture for constructing overhead transmission line projects in the Kingdom.
The agreement was signed between Mazin Al-Alami, president of Al-Toukhi Al-Toukhi Company for Industry, Trading & Contracting Ltd. and Hayrettin Ozdil, chairman Ozdil Energy, Contracting, Trade, and Industry Inc. at the Faisaliah Hotel on Monday.
“The two companies will own equal shares in this joint venture which is geared to implement contracts for Extra High Voltage (EHV) transmission line projects,” Al-Alami told newsmen following the signing ceremony. He pointed out that the Kingdom had a long list of such projects with 3,355 km expected to be tendered by 2014.
“Partnering with a world-class contractor such as Ozdil, Al-Toukhi will aggressively target the overhead transmission line projects that are currently in the pipeline in Saudi Arabia. Such projects will enable the gradual completion of the national grid which will ultimately benefit the end user,” Al-Alami said.
“The Saudi market presents new opportunities for Ozdil and we look forward to implementing projects here,” Hayrettin Ozdil said, adding that his company has extensive knowledge worldwide and especially in the Middle East particularly in the power sector. “We see this joint venture as a step in the right direction given Saudi Arabia’s expansion plans in the power sector.”
Al-Toukhi is an engineering, procurement and construction (EPC) contractor for electro-mechanical and civil works in Saudi Arabia.
Established in 1972, the company enjoys a 100 percent Saudi ownership, a “Grade 1” classification by the Saudi Ministry of Public Works and Housing, and is ISO 9001 certified. Al-Toukhi has completed over 90 turnkey power projects.