Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG (SIE)

447
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Siemens AG : Siemens To Build $160 Million Gas Turbine Plant In Saudi Arabia

05/08/2012 | 11:51am US/Eastern

--Siemens, E.A. Juffali in JV to build the facility in Dammam

--Factory due for completion in late 2013

--Capacity to produce up to 20 turbines a year

By Ellen Knickmeyer

Of ZAWYA DOW JONES

DAMMAM, Saudi Arabia (Zawya Dow Jones)--German engineering conglomerate Siemens AG (SIE.XE) is building a 600 million Saudi riyals ($160 million) gas-turbine plant in the industrial city of Dammam to cater to the kingdom's growing market.

The factory, due for completion in late 2013, will have the capacity to produce up to 20 turbines a year in the initial phase, as much as Saudi Arabia would need each year under its current electricity expansion targets, Arja Talakar, chief executive of Siemens Saudi Arabia, told Zawya Dow Jones on Tuesday.

Siemens Energy along with its local partner E.A. Juffali and Brothers is building the facility to manufacture gas turbines and compressors to be supplied to the local Saudi market, where energy requirements are strongly increasing, the company said.

Oil-rich Saudi Arabia is exploring various options to substantially increase its energy production capacities to meet soaring demand at home. Some analysts and Saudi officials estimate domestic demand is growing at 8% a year.

The kingdom's deputy Electricity Minister Saleh al Awaji said Tuesday the country must add 3,000 to 4,000 megawatts of installed electricity capacity each year in the near future to keep up with the domestic demand. Current installed capacity is about 52,000 megawatts, Al Awaji added.

-Ellen Knickmeyer, Dow Jones Newswires, +966 1 279 5252, ellen.knickmeyer@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

React to this article
Latest news on SIEMENS AG
07/04 SIEMENS : nabs supply deal for 580-MW Race Bank wind park off UK
07/03 SIEMENS : MILITARY $154,560 Federal Contract Awarded to Siemens Government Techn..
07/02 Regulatory rebuffs could force GE to seek other deals, more buybacks
07/02 GE meets EU regulators over Alstom power unit deal
07/01 SIEMENS : Patent Issued for Method and System for Automatic Determination of Cor..
07/01 Siemens to open plant to turn electricity from wind into hydrogen
07/01 German industry starts to advocate Greek exit from euro zone
07/01 German industry starts to advocate Greek exit from euro zone
07/01 SIEMENS : MILITARY $7,414 Federal Contract Awarded to Siemens Government Technol..
07/01 SIEMENS : Contract award - 70-- non-acat afrl/rqvc siemens software maint.
Advertisement
Chart
Duration : Period :
Siemens AG Technical Analysis Chart | SIE | DE0007236101 | 4-Traders
Income Statement Evolution
More Financials