The Saudi Electricity Co. (SEC) will have capital expenditure needs of nearly $ 10 billion next year, a senior executive said yesterday, and the utility may tap debt markets to raise some of the funds.
The Gulf’s largest utility, the SEC has a SR 452 billion ($ 120.5 billion), 10-year investment plan as it speeds up delivery of its power projects to meet state infrastructure demands.
“Our capex requirement for 2013 is close to $ 10 billion, and the majority will be covered from internal sources,” Manish Manchandya, a corporate finance executive at SEC, told Reuters on the sidelines of a treasury conference.
Manchandya said a projected gap of about $1 billion to $ 2 billion would be covered by government funding and other means, including possibly debt markets.
Manchandya said the SEC had no plans to tap debt markets this year, but stated: “In future, we plan to be an active player in capital markets both locally and internationally. The local market continues to be very liquid.”
The SEC plans to spend around $35 billion on high voltage power lines, with another $25 billion spent on distribution networks over the next 10 years.
It has an installed capacity of 54,000 megawatts and will add around 4,000 MW over the next 12 months to help meet rising demand, with another 8,000 MW to be added in 2014.
SEC set for $ 10 bn expenditure
SEC set for $ 10 bn expenditure
Saudi deputy FM attends OIC ministers’ meeting on Somalia situation
JEDDAH: Saudi Arabia Vice Minister of Foreign Affairs Waleed Elkhereiji has reaffirmed the Kingdom’s full support for Somalia’s sovereignty, unity and territorial integrity, while strongly rejecting any actions that undermine the country’s stability.
Speaking at an extraordinary meeting of foreign ministers from member states of the Organization of Islamic Cooperation, Elkhereiji condemned the declaration of mutual recognition between Israeli occupation authorities and the Somaliland region, describing it as a unilateral separatist move that violated international law, the UN Charter and the OIC Charter.
He stressed the Kingdom’s categorical rejection of any attempts to impose parallel entities that contradict Somalia’s unity and territorial integrity, or that seek to divide or diminish its sovereignty. Elkhereiji also reiterated Saudi Arabia’s support for Somalia’s legitimate state institutions and its commitment to preserving the country’s stability and the security of its people.
Elkhereiji called on the OIC and its member states to adopt a firm and unified Islamic position rejecting any recognition of, or engagement with, separatist entities in Somalia. He urged coordinated action in international forums to affirm Somalia’s unity and prevent what he described as dangerous precedents that could threaten the sovereignty of OIC member states.
He further called for holding the Israeli entity fully responsible for any political or security consequences resulting from such actions, and for rejecting any cooperation arising from the declaration of mutual recognition.
During the meeting, he also reiterated the Kingdom’s position on the Palestinian cause, emphasizing its centrality and Saudi Arabia’s support for efforts to secure a ceasefire in the Gaza Strip. He said this would enable the Palestinian people to exercise their right to self-determination and establish an independent state along the 1967 borders, with East Jerusalem as its capital.
