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The deals were finalised with state-run Saudi Power Procurement Company Saudi Arabia - Gas Arabian Services Company (GAS) has signed two contracts with state-run Saudi Power Procurement Company (SPPC), the principal buyer, to develop gas delivery systems for Nairyah and Rumah independent power projects (IPPs). The contract’s combined value is 830.64 million Saudi riyals ($221.46 million), the company said in two separate statements to the Saudi stock exchange on Tuesday. The contracts include designing, engineering, procuring, supplying, delivering equipment and materials, constructing, installing, testing, and commissioning delivery systems for the two IPPs. The Nairyah IPP contract is valued at SAR 504.32 million, while the Rumah IPP contract is valued at SAR 326.32 million. The company explained that both contracts include the design, engineering, procurement, supply, and transportation of all equipment and materials, as well as the construction, installation, and commissioning testing of the Rumah IPP. The contract durations for both IPPs are 24 months, the statement said. The contracts are expected to positively impact GAS’ financial statements from 2025 to 2027. |
