Riyadh Cement Company has signed a 130.5 million Saudi riyal ($34.8 million) contract with Sinoma Energy Conservation Limited to establish a waste heat recovery plant with a 12.64 megawatts (MW) capacity.

The contract duration is 20 months, the company said in a statement published on the Saudi stock exchange.

A local bank will finance the project, the statement added. The bank's name was not given.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.