Bemco inks SR2bn financing facility

Saudi-based Arabian Bemco Contracting Co. has signed a SR2.145bn contract financing facility with Banque Saudi Fransi (BSF) and National Commercial Bank (NCB), Arab News has reported. The deal follows the award of a contract to a consortium led by Arabian Bemco with Doosan Heavy Industries, to convert the Qurayyah Power Plant from an open cycle process to one of a combined cycle. Under the agreement, the consortium will build additional capacity for the existing plant, with work in its final stages. Total capacity will be raised from 2,000 MW to 3,200 MW.