Saudi Arabia awards Jafurah expansion contract to Kepco
Saudi Arabia has awarded the contract to build the second phase of a power plant at Aramco’s Jafurah project to the state-backed Korea Electric Power Corporation (Kepco).
The contract award has been awarded despite the regional impact of the US-Israeli war with Iran, which has now entered its fourth month.
Total revenue from the project is expected to be nearly SAR2 trillion ($1.4 billion), Kepco said in a statement.
The plant has a power generation capacity of 331 megawatts (MW) and produces 465 metric tonnes of steam per hour.
The Jafurah power project is set to be completed by June 2029, after which it will supply power and steam to Aramco for 17 years, the statement said.
Kepco awarded the construction contract to Korea-based Doosan Enerbility. The Export-Import Bank of Korea will provide funding for the expansion.
The Korean company won the 317MW first phase of the Jafurah plant through an international tender in 2022 and expects to complete it by the end of June.
In May, Saudi Aramco said net first quarter earnings jumped 73 percent from the fourth quarter of 2025 to SAR120 billion, its highest quarterly profit since 2023. The oil major’s capital spend reached $12 billion in the first quarter.
Further reading:
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- Saudi Arabia overtakes UAE on the GCC’s road to renewables
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