Electrical Industries Company has approved the expansion project of its wholly-owned subsidiary, Saudi Power Transformers Company, to manufacture extra-high-voltage transformers and 380-kilovolt (kV) reactors at a cost of 192 million Saudi riyals ($51.20 million).

The project will also include increasing the current capacity of high-voltage transformers, the company said in a statement published on the Saudi stock exchange on Wednesday.

Construction is expected to start in the second half of 2024, with completion slated for the fourth quarter of 2026.

The company has not yet awarded the contract.

The six-month pilot production is likely to start in the first quarter of 2027, the statement said, adding that commercial production is forecast to commence in the third quarter of 2027.

(Writing by P Deol; Editing by Bhaskar Raj)

(anoop.menon@lseg.com)

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