SAUDI ELECTRICITY
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By Asseel bin Talib
Riyadh-Mubasher: Eng. Ziad Al-Shiha, chief executive officer of Saudi Electricity Co. (SEC), said his company has purchased large assets worth SAR 45 billion for energy generation, distribution and transmission.
These assets had significant depreciation value of SAR 1.8 billion, which in turn affected the company’s income statement, Al-Shiha said.
He told Mubasher U Pogrom that the provisions set aside for settling debts helped boost earnings, adding that SEC decreased its oil consumption and saved 50-60 thousand barrels per day through boosting energy efficiency.
The utility firm’s pipeline projects are estimated at SAR 60 billion, and the total projects reach nearly SAR120-130 billion.
Translated by Abdul Maguid Aboshahla
Photo Credit: Arabianeye-Reuters
Riyadh-Mubasher: Eng. Ziad Al-Shiha, chief executive officer of Saudi Electricity Co. (SEC), said his company has purchased large assets worth SAR 45 billion for energy generation, distribution and transmission.
These assets had significant depreciation value of SAR 1.8 billion, which in turn affected the company’s income statement, Al-Shiha said.
He told Mubasher U Pogrom that the provisions set aside for settling debts helped boost earnings, adding that SEC decreased its oil consumption and saved 50-60 thousand barrels per day through boosting energy efficiency.
The utility firm’s pipeline projects are estimated at SAR 60 billion, and the total projects reach nearly SAR120-130 billion.
Translated by Abdul Maguid Aboshahla
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
