Al-Toukhi Company for Industry, Trading & Contracting Ltd. (Al-Toukhi), a Saudi-based Company, and Pöyry Energy Ltd. (Pöyry), a Swiss-based company, signed an MOU here paving the way for a future agreement to cooperate on engineering, procurement and contracting (EPC) projects.
Mazin Al-Alami, President of Al-Toukhi signed on behalf of his company, while Nico Kruger, Pöyry Energy Regional Director, Middle East and Southern Africa signed on behalf of the Swiss company.
The agreement comes at a time when Saudi Arabia is witnessing a tremendous growth in the power sector and related projects prompted by increased demand due to population growth and economic expansion. Coupled with sector privatization, mega Saudi power projects will be a major player in the utilities expansion for years to come. Al-Toukhi will tap into Pöyry’s expertise in preparing, proposing and executing such EPC projects.
“The long-term trend we are seeing in the Kingdom of Saudi Arabia to expand the infrastructure of power generation, transmission and distribution infrastructure on the one hand calls for an overhauling of the modus operandi of EPC contractors to meet the anticipated sector growth on the other. This is the main driver behind our joint effort with Pöyry, which boasts international expertise and strong sector know-how along with local project knowledge,” commented Mr. Al-Alami on the signing.
“The Saudi market is undergoing a transformation in the power sector given the need to improve the efficiency of current generation by upgrading open cycle to combined cycle generation, build thermal power plants as well as implement overhead high-voltage transmission line projects. This and other areas create fertile cooperation ground for our company and Al-Toukhi to team up on EPC projects,” said Mr. Kruger.
