Kepco secures $1.4bn Saudi cogeneration project from Aramco

04/06/2026 03:30 AST

Korea Electric Power Corp (Kepco) has secured a key contract to develop the second phase of Saudi Arabia's Jafurah cogeneration power plant, expanding its presence in the Middle East's growing energy sector, reported Korea Times.

The state utility said it had signed power and steam purchase agreements with Saudi oil giant Aramco for the construction and operation of the project, while also finalising an engineering, procurement and construction (EPC) contract with South Korea's Doosan Enerbility.

The project involves the construction of a 331-megawatt cogeneration plant capable of producing around 465 tonnes of steam per hour. Commercial operations are expected to begin by June 2029, stated the report.

Under a 17-year agreement, the facility will supply electricity and steam to Aramco and is expected to generate about 2.1 trillion won ($1.4 billion) in revenue over the contract period, Kepco said.

The award follows Kepco's successful bid for the first phase of the Jafurah cogeneration project, a 317-MW plant secured in 2022 and scheduled for completion this month.

The project will be operated through a special-purpose company jointly established by Kepco and Aramco. Doosan Enerbility will carry out construction work, while the Export-Import Bank of Korea will provide financing support. Kepco will oversee operations, saikd the Korea Times report.

The utility said the project is expected to create around 1.2 trillion won in export opportunities for South Korean companies, it added.


Trade Arabia

News

McDermott selected as PMC contractor for key Aramco projects

05/06/2026

McDermott, a premier provider of engineering and construction solutions to the energy industry, said it has been selected by Saudi oil giant Aramco as one of the 11 selected contractors for a project

Trade Arabia

Aramco launches Saudi Arabia's first quantum computer

19/05/2026

Saudi Arabia has marked a milestone in advanced computing after Aramco and Pasqal activated the Kingdom's first quantum computer in Dhahran, underscoring the country's push to strengthen its position

Arab News

Ongoing Strait of Hormuz Disruption Could Drag Oil Market Recovery into 2027: Aramco CEO

12/05/2026

The ongoing energy supply shock is the largest the world has ever experienced, and continued disruption of the Strait of Hormuz could delay oil market normalization into 2027, Saudi Aramco CEO Amin N

Asharq Al Awsat

Most Viewed Companies

Ticker Price Volume

Valuation

SAUDIARAMCO Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
ADNOCGAS 3.48 0.14 (4.19%)
ADNOCDRILL 6.09 0.24 (4.10%)
BAHRI 32.26 -0.60 (-1.83%)
PETRORABIGH 13.61 -0.33 (-2.37%)
ADES 19.50 -0.07 (-0.36%)

Recent News

NBK sponsors 2nd Kuwait Forum of Major State Development Projects -- ENCON 5

15/06/2026

National Bank of Kuwait (NBK) is sponsoring the Second Kuwait Forum of Major State Development Projects (ENCON 5), organized by the Kuwaiti Federation of Engineering Offices and Consultant Houses in

Kuwait Times

Shalfa secures contract to provide FM services at Qassim school buildings

15/06/2026

Saudi-based Shalfa Facilities Management Company has announced that it has secured a contract worth SAR366.4 million ($97.5 million) from Tatweer Buildings Company for providing FM services at its sc

Trade Arabia

Kingdom Holding's SpaceX stake jumps nearly 53% to $6.8bn after IPO

15/06/2026

Saudi Arabia's Kingdom Holding Co. said the value of its stake in SpaceX has risen to about $6.83 billion following the aerospace and technology company's debut on the Nasdaq stock exchange.

Arab News

Zain highlights digital readiness as key to Kuwait's capital market future

12/06/2026

Zain participated in a high-level roundtable discussion hosted by global media group The Business Year, in collaboration with the Kuwait Direct Investment Promotion Authority (KDIPA), under the title

Kuwait Times

Gulf Bank welcomes GUST students as they begin summer semester in person

12/06/2026

Gulf Bank welcomed students of Gulf University for Science and Technology (GUST) as they returned to campus for in-person classes at the start of the summer semester.

The Bank's team was pre

Kuwait Times

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap