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Article: Marafiq, Hanwha sign SR 2.7 billion contract.(Marafiq and Hanwha's 2.7 billion Saudi riyal contract)
- Article from:
- Saudi Economic Survey
- Article date:
- August 6, 2009
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Marafiq, the power and water utility company for Jubail and Yanbu,and South Korea's Hanwha engineering and construction company signed a contract for setting up two steamturbine generator plants in Yanbu. The contract is for an amount of SR 2.7 billion.
The deal was signed by Marafiq President and CEO Thamer S. Al Sharhan and Hanwha President and CEO Kim Hyun-Chung at a recent ceremony held in the eastern city of Al Khobar.
Speaking on the occasion,Al- Sharhan said the power generation units would be completed in 36 months. "The first unit is to start commercial operation by May 2012 and the second is to be commissioned by July 2012," he said.
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