Saudi Electricity breakup plan under review

09/05/2016 10:38 AST

Authorities in Saudi Arabia are reviewing the plan to split up Saudi Electricity Company (SEC) into four parts, as part of a drive to further privatising infrastructure in the Kingdom. This review could result in the original plan being revised, or a new plan being put into place.

The review has been ongoing since before the cabinet shuffle late last week.

Political pressure for reform of the utility company has been growing since oil prices tumbled in 2014, but restructuring of the SEC have been considered since 2009.

The Vision 2030 plan headed by Deputy Crown Prince Mohammed bin Salman is intended to lead the Kingdom away from oil towards an investment powerhouse.


Reuters

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