Riyadh – Mubasher: Saudi Electricity Co’s (SEC) board approved on Monday establishing a limited liability company under the name "Saudi Company for Energy Purchase" with a capital of SAR 2 million ($533,000).
The capital will be financed from the firm's own resources after obtaining the necessary approvals from the specialised regulatory bodies, according to a bourse filing.
The new company will work in selling and buying electricity, offering and signing agreements, buying fuel for the company's purposes, supplying the contracted producers with it, and importing and exporting energy.
