Saudi Electricity Co plans to privatize assets by year end

Saudi Arabia’s utility regulator said in February that SEC would be split into several firms (File Photo: Shutterstock)

Saudi Electricity Co plans to privatize its assets by the end of the year, its chairman said on Wednesday, part of a drive to increase efficiency in the Kingdom’s utilities.

“We expect to complete the planned privatization of assets this year,” Saleh al-Awaji told Saudi-owned al-Arabiya.

Saudi Arabia’s utility regulator said in February that SEC would be split into several firms by the end of 2016 to increase efficiency.

Awaji said demand for power in the country had declined for the first time in the company’s 15-year history after a removal of government subsidies.

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Last Update: Wednesday, 20 May 2020 KSA 09:52 - GMT 06:52
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