KEPCO has secured the second phase of the Saudi Arabia’s Jafurah, Jafurah combined cycle power project, following the first phase. KEPCO announced on the 3rd that it signed a power and steam sales contract with Saudi state-owned oil company Aramco for the construction and operation of the Jafurah, Jafurah Phase 2 combined cycle power plant. KEPCO also signed a construction contract with Doosan Enerbility.
This project is an expansion of the Jafurah, Jafurah Phase 1 (317 MW) combined cycle power project, which was secured through an international competitive bidding process in 2022 and is scheduled for completion at the end of this month. The combined cycle power plant, with a generation capacity of 331 MW and a steam production capacity of approximately 465 tons per hour, will be constructed by June 2029. KEPCO expects total sales of $1.4 billon (approximately 2.1 trillion Korean won) to be generated over 17 years of supplying power and steam to Aramco.
The Phase 2 project will be managed by a special purpose company (SPC) jointly established by KEPCO and Aramco. Doosan Enerbility will handle construction, the Export-Import Bank of Korea will provide financing, and KEPCO will oversee operations. KEPCO added that this project is expected to generate overseas co-export effects for domestic companies worth approximately 1.2 trillion Korean won.
