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South Korea’s Korea Electric Power Corporation (KEPCO) has secured a contract for the second phase of the cogeneration power plant at Saudi Aramco’s Jafurah project in Saudi Arabia, strengthening its presence in the kingdom’s energy infrastructure sector. The company expects to generate approximately KRW 2.1 trillion (USD 1.4 billion) in revenue from the project. The facility will have a power generation capacity of 331 MW and produce around 465 metric tonnes of steam per hour. Construction is scheduled for completion by June 2029, after which the plant will supply electricity and steam for 17 years. The project expands on the first phase of the Jafurah cogeneration development, which KEPCO secured through an international tender in 2022.
South Korea’s Korea Electric Power Corporation (KEPCO) has won the contract to develop and operate the second phase of a cogeneration power plant at Saudi Aramco’s Jafurah project in Saudi Arabia, with the company estimating total revenue of approximately KRW 2.1 trillion (USD 1.4 billion) over the life of the project.
The agreement marks a further expansion of KEPCO’s operations in Saudi Arabia’s energy sector and builds upon its existing involvement in the Jafurah development. The company announced that it had signed power and steam sales agreements with Saudi Aramco and had also finalised a construction contract with Doosan Enerbility for the project.
According to KEPCO, the second-phase facility will have an electricity generation capacity of 331 MW and will produce around 465 metric tonnes of steam per hour. The cogeneration plant is intended to support the operational requirements of the broader Jafurah development, one of Saudi Arabia’s major energy projects.
Construction of the facility is scheduled to be completed by June 2029. Following commissioning, KEPCO will operate the plant and supply electricity and steam under long-term arrangements for a period of 17 years.
The latest contract extends KEPCO’s role in the Jafurah project, where it had previously secured the first phase of the cogeneration plant through an international competitive tender process in 2022. That initial phase comprises a 317 MW facility and is expected to be completed by the end of this month.
By securing the second phase, KEPCO has strengthened its position in Saudi Arabia’s power and utility infrastructure market, where international energy companies continue to participate in large-scale industrial and energy developments.
The project also reinforces the company’s overseas power generation portfolio, with the long-term operating period expected to provide a steady revenue stream once construction is completed. KEPCO stated that the second-phase development would operate alongside the first cogeneration facility, creating additional capacity to support energy and steam requirements within the Jafurah project area.
The contract reflects continuing investment in integrated power infrastructure linked to Saudi Arabia’s energy sector expansion, with cogeneration facilities playing a key role in supplying both electricity and industrial steam to large-scale developments. Construction activities are expected to proceed over the next three years before the facility enters commercial operations in 2029.
Source - Reuters
5th Jun, 2025
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