SEC Fate Sealed As Falih Plots 65GW Powergen Privatization

Saudi plans to sell off 65GW of state-owned generating capacity – an apparent reference to the entire capacity of SEC, already earmarked for break-up.

Saudi Energy Minister Khalid al-Falih told the World Energy Congress in Istanbul this week that Riyadh plans to privatize 65GW of Saudi power generating capacity, as part of a massive shake-up of the kingdom’s energy sector under the government’s Vision 2030 long term strategy.

The strategy was instigated by Deputy Crown Prince Muhammad bin Salman to end the Saudi economy’s “addiction to oil.” A medium term National Transformation Program to achieve the vision aims for 100% of Saudi electricity to be generated by “strategic partners” in 2020 (MEES, 10 June).

Central to the vision will be a public listing of state-owned integrated petroleum giant Saudi Aramco. “Although the share that will be listed will be small, it will be by far the largest IPO in history,” Mr Falih told delegates at the congress. (CONTINUED - 692 WORDS)

DATA INSIDE THIS ARTICLE

table Saudi Year-End Generating Capacity (Gw)