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Korea’s Samsung Engineering has filed a claim against the Saudi government with the World Bank’s International Center for Settlement of Investment Disputes (ICSID), after state-owned power and desalination plant operator SWCC canceled a contract for building a big power plant on the kingdom’s Red Sea coast.
The dispute concerns the 3.1GW oil-fired Yanbu 3 power plant, for which Samsung and partners China’s Shanghai Electric and Saudi firm Al Toukhi were awarded a $1.5bn engineering, procurement and construction (EPC) contract in late 2012. At the time of the contract award, the project was expected to be completed in early 2016 ( MEES, 14 December 2014 ).
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