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SEC given $5.3bn to ease crisis
- Saudi Arabia: Saturday, October 07 - 2006 at 16:02
The Saudi government is to give the Saudi Electric Company $5.3bn to help it pull out of a financial crisis and meet its objectives, reported the Saudi Gazette. The funds are not calculated in the company's budget and will be used for investment in the company's power generation capacity and for upgrading the kingdom's grid. The SEC is beset by administrative problems, with 39 deputies working to the Director General.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, October 07 - 2006 at 16:02 UAE local time (GMT+4)
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This article was updated on Wed Nov 22 2006.
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