RIYADH: The privatization of Saudi Arabia’s Saline Water Conversion Corporation (SWCC) is being studied by the Supreme Economic Council and a decision on the matter is expected soon, Asharq Al-Awsat newspaper reported, quoting unnamed sources.

SWCC, which has been working for years on plans to go public, is the Kingdom’s second-largest power producer.

It is also responsible for sea water desalination and the supply of potable water to Saudi coastal and inland cities.

The paper added that the corporation was ready for the privatization process and for listing on the Saudi stock exchange, once a decision by the authorities to proceed has been taken.

SWCC’s current head Abdulrahman Mohammed Al-Ibrahim could not be reached for comment when contacted by Reuters.

In October 2011, Fuhaid bin Fahd Al-Sharif, then SWCC’s head, told Aleqtesadiyah newspaper the privatization process will include establishing a joint stock company with a capital exceeding SR60 billion ($16 billion), 30 percent of which will be sold to the public in an initial public offering.