Reuters reported that Saudi based Arabian Bemco Contracting Company bid of USD 1.434 billion was the lowest for the expansion of 3,400 MW power plant near the Saudi capital of Riyadh.

Bemco said that the new combined cycle project would add 1,300 MW to the existing facility owned by state utility Saudi Electricity Company. When completed in 2015, it will be the world's largest combined cycle plant.

SEC which has a current installed power capacity of 50,000 MW plans to boost capacity to at least 80,000 MW by 2020 to meet power demand growing by almost 8% annually.

Bemco said that it submitted its offers on August 2nd 2011 and competed against the following companies: Spanish Tecnicas Reunidas, South Korea's Hyundai Heavy Industries, Japan's Marubeni with South Korea's Hyundai E&C, Saudi National Contracting Company in a consortium with Black and Veatch Corporation and South Korea's Doosan Heavy Industries.

(Sourced from Reuters)