IssuerAnnouncementDetailsV2Portlet
Power and Water Utility Company for Jubail and Yanbu (Marafiq) announces the completion of water interconnection project with Saline Water Conversion Corporation (SWCC)
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Announcement Detail | As part of strengthening the cooperation frameworks between Power and Water Utility Company for Jubail and Yanbu (Marafiq) and Saline Water Conversion Corporation (SWCC), as well as maximizing the utilization of production resources available to both parties to increase mutuality in water supplies in unusual and emergency cases. Based on the prospectus issued by Power and Water Utility Company for Jubail and Yanbu (Marafiq) in the paragraph “the group aims to further enhance its asset utilization to increase its profitability” page No. 83. Power and Water Utility Company for Jubail and Yanbu (Marafiq) announces that on 31 May 2023 the project of linking two-way pumpable water transmission line with Saline Water Conversion Corporation to supply Yanbu Industrial City with desalinated water has been achieved. The project aims to benefit both parties from exporting the surplus quantities produced to the other party in unusual and emergency cases. This project also aims to optimize the use of assets, which contributes to achieving better returns in the future. It is worth mentioning that the project agreement between Marafiq and Saline Water Conversion Corporation (SWCC) was signed before the listing Marafiq on the Saudi Exchange (Tadawul) with a total cost of Saudi riyals 9,932,550 whereby the two parties contributed equally in financing the project’s costs, It is also not possible to accurately determine the expected financial impact, as it depends on the quantities of water that will be exchanged between the two parties. This project is considered one of the national strategic projects that enhance the reliability of water provision to consumers and contribute to achieving the aim of the Kingdom's Vision 2030. |
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