Korea’s Samsung Engineering has filed a claim against the Saudi government with the World Bank’s International Center for Settlement of Investment Disputes (ICSID), after state-owned power and desalination plant operator SWCC canceled a contract for building a big power plant on the kingdom’s Red Sea coast.
The dispute concerns the 3.1GW oil-fired Yanbu 3 power plant, for which Samsung and partners China’s Shanghai Electric and Saudi firm Al Toukhi were awarded a $1.5bn engineering, procurement and construction (EPC) contract in late 2012. At the time of the contract award, the project was expected to be completed in early 2016 (MEES, 14 December 2014). (CONTINUED - 259 WORDS)
