More than a hundred investment opportunities launched since 2016: Saudi Electricity

Saudi Arabia’s utility provider, Saudi Electricity Co. (SEC), said it saved more than 45 million barrels of oil equivalent (BOEs) and 63 million barrels of diesel over the last three years.

SEC also said in a statement today that it produced 77 GW of power and launched more than 100 investment opportunities since Saudi Vision 2030 economic reform plan was kicked off in 2016.

“The company has already signed SAR 132 billion worth of contracts over the last five years; and bought SAR 32 billion worth of spare parts,” according to the statement.

Additionally, SEC announced raising contracting with local factories to 80 percent, while purchasing from Saudi factories reached 67 percent, the state-run utility said, adding that it introduced competitive prices at 10 percent discount compared to global peers.

The Saudization rate exceeded 92 percent at SEC’s facilities, the statement added.