Korea Electric Power Corporation (KEPCO) has won the contract for the second phase of the Jafurah combined cycle power plant project in Saudi Arabia, according to a news report.
The state-owned Yonhap News Agency reported that the company signed a power and steam sales agreement with Saudi Aramco for the second phase of the Jafurah power plant construction and operation project. This agreement was confirmed by a company statement.
It was also revealed that South Korea’s Doosan Enerbility has secured an Engineering, Procurement, and Construction (EPC) contract valued at US $556mn from KEPCO for the construction of a plant.
The Jafurah project aims to establish a combined-cycle power plant with an installed capacity of 331MW; this plant will generate 465t of steam per hour. Upon its completion in June 2029, the plant will provide Aramco with power and steam for a duration of 17 years.
KEPCO, in collaboration with Aramco, has established a special purpose vehicle (SPV) to manage the project. The contract has been funded through the Export-Import Bank of Korea. The report anticipates that the project will generate combined export revenues of $790mn for local companies.
In February 2026, Aramco announced the commencement of production at its Jafurah unconventional gas field. Spanning an area of 17,000sqkm, Jafurah is estimated to contain an 229t standard cubic feet of raw gas and 75b stock tank barrels of condensate.