KEPCO Wins $1.4 Billion Contract to Build Saudi Jafurah Cogeneration Plant
South Korea’s state utility KEPCO secured a $1.4 billion contract with Saudi Aramco to construct and operate Phase 2 of the Jafurah cogeneration power plant. The facility will supply electricity and steam to the $100 billion natural gas project through 2046.
koreatimes.co.krSouth Korea’s state-run utility Korea Electric Power Corp. has won a $1.4 billion contract with Saudi Aramco to build and operate Phase 2 of the Jafurah cogeneration power plant. The project includes a 331-megawatt facility that will produce about 465 tons of steam per hour, with completion scheduled for June 2029.
The plant will supply electricity and steam to Aramco for 17 years and is projected to generate 2.1 trillion South Korean won, or $1.4 billion, in revenue over the contract period.
KEPCO stated the revenue figure in a company announcement reported by the Korea Times. The Jafurah field is Saudi Arabia’s largest non-associated natural gas development and forms part of the kingdom’s plan to expand gas processing capacity. Saudi Aramco has already begun production at the site, which is estimated to require $100 billion in total investment.
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