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Saudi Electricity secures $13.17bn loan

: Monday, June 23 - 2014 @ 04:01

Saudi Electricity Co (SEC) has said it has agreed terms and signed an interest-free loan of SR49.4bn ($13.17bn) with the finance ministry, Reuters has reported. The state-owned power utility said the loan has a lifespan of 15 years but there is a grace period of ten years before repayments begin. SEC chief executive, Ziyad Alshiha said last March the company plans to spend SR622bn to 2023, adding 40,000 megawatts of installed generating capacity and expanding transmission and distribution networks.

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Monday, June 23- 2014 @ 4:01 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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