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Saudi Electricity Company signs four energy-based MoUs with Chinese companies

Company says the memorandums are in line with the Saudi Arabia Vision 2030 and the National Transformation Program 2020

| | Sep 19, 2016 | 2:47 pm
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Riyadh, Saudi Arabia: The Saudi Electricity Company (SEC) has released a communiqué stating that it has signed four MoUs with Chinese companies during H.R.H. Prince Mohammed bin Salman, Saudi Arabia’s Deputy Crown Prince, Defence Minister and Head of the Council of Economic and Developmental Affairs (CEDA), current visit to China. The SEC, the communiqué said, signed the MoUs with Shanghai Electric, China Electric, Huawei and ZTE Corporation.

According to the communiqué, Dr Saleh Bin Hussein Alawaji, Undersecretary of the Ministry of Energy, Industry and Mineral Resources for electricity sector and Chairman of the Board, SEC, said that the four memorandums coincides with the Kingdom’s Vision 2030 and the National Transformation Program 2020.

Dr Alawaji, the communiqué said, explained that the signed agreements aim to diversify national income sources and attract new investments in the field of electrical industries, projects of electricity production and transferring, renewable energy and modern technology, in addition to training young men in the country to use and develop modern technology. “Also, there was an important meeting between Chinese bank of ICBC responsible who expressed their interest to start in investing and participating in electricity projects in the kingdom and discussing the available opportunities in this field,” Dr. Alawaji added.

Dr Alawaji further said that all Chinese companies that they met are keen to participate in the Saudi Arabia Vision 2030 projects and in the National Program of Transition 2020. They also would like to participate as investors in all the projects, in addition to consulting and preparing feasibility studies in the sectors of infrastructure, electricity production, renewable energy projects, cogeneration and production of electricity and water, he added. ­

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