2003 News Story

National Energy Company established

The Ministry of Commerce has processed the establishment of a commercial stock company, headquartered in Riyadh, under the name of 'The National Energy Company' and with a capital of SR200 million [U.S. $53.4 million]. The number of the shares is four million, each valued at SR 50 [$13.4]. Paid-up capital currently stands at 50 percent of the total. The company will be concerned with the generation, transportation, distribution and operation of electric power as well as investment in water desalination projects and other related activities. Its establishment comes within the framework of the government's policy of diversification of the economic base.