EIC inks MoU with Russia’s Izolaytor to set up insulators plant

Electrical Industries Co. (EIC) signed on Sunday a non-binding agreement with Russia’s insulators manufacturer Izolaytor to cooperate on a feasibility study for building an insulators plant in Saudi Arabia, the firm said in a bourse statement.

The plant will produce insulators used in manufacturing electricity transformers.

Under the MoU, both parties can terminate the deal through a written note with one month notice.

The deal has no related parties and its financial impact cannot be determined at the moment.

The signed copies of the agreement will be exchanged upon President Vladimir Putin’s visit to the Kingdom on Oct. 14, 2019.