Saudi Electricity Company resolves Aramco debt crisis: CEO

03/12/2014 Argaam

The Saudi Electricity Company (SEC) received SAR 2.7 billion in unsettled debt from Saudi Aramco, said Ziad Alsheiha, chief executive of the company.

 

Alsheiha told Mecca newspaper that the debt crisis between both companies is “almost” resolved.

 

SEC will also calculate its dues owed to Aramco, which will be paid in form of aid from the state, he added.

 

Saudi Electricity had previously announced that Aramco owed the state-run company SAR 2.7 billion; that includes payments that have accumulated over the past 30 years, according to data available on Argaam. 

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