WEC issues Request for Pre-Qualification (RFQ) to the interested parties for Rabigh 3 Independent Water Project. - Last date of SOQ submission is 30-October-2017

Introduction of Water and Electricity L.L.C:

Introduction

 

Pursuant to Resolution 494 (dated 5/8/1438H) of the Council of Ministers, the scope of work of “Water & Electricity L.L.C” is expanding as the Principal Offtaker for desalinated, filtered water as well as treated and un-treated water.  Further, WEC is transitioning for the transfer of ownership to the government, with the agreement on corporate governance and contracted projects.

 

History of WEC:

 

Earlier, following the Resolution 5/23 of Supreme Economic Council, WEC was established as a Limited Liability Company (LLC) in 2003. WEC’s corporate purpose is the sale and purchase of water and electricity and all required ancillary activities. WEC will be the counterparty under the PWPA and will buy the Project’s water and electricity. WEC will in turn sell this water and electricity on to SWCC and SEC respectively.

 

WEC was formed with an authorized share capital of SAR 30,000,000 with SWCC and SEC each owning a 50% shareholding in WEC. The term of WEC is 50 years. WEC’s Articles of Association are based on the standard form of LLC Articles, as provided by the Ministry of Commerce and Investment (MoCI).