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4-Traders Homepage  >  Equities  >  Xetra  >  Siemens    SIE   DE0007236101

SIEMENS (SIE)
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Siemens AG : Siemens To Build $160 Million Gas Turbine Plant In Saudi Arabia

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05/08/2012 | 05:51pm CET

--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, [email protected]

Copyright (c) 2012 Dow Jones & Co.

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ChangeLast1st jan.
SIEMENS -0.52% 110.54 Delayed Quote.-4.33%
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Financials (€)
Sales 2018 84 354 M
EBIT 2018 8 294 M
Net income 2018 5 845 M
Debt 2018 18 599 M
Yield 2018 3,46%
P/E ratio 2018 15,55
P/E ratio 2019 14,34
EV / Sales 2018 1,34x
EV / Sales 2019 1,27x
Capitalization 94 452 M
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Average target price 131 €
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Josef Kaeser President & Chief Executive Officer
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