Saudi Electricity Company (SEC) signed a contract with South Korea's Hyundai Heavy Industries (HHI) to build a 12.2 billion Saudi riyals ($3.4 billion) power plant in Shuqaiq, it said on Sunday.

HHI will install four steam generating units with highly efficient boilers to produce 2,640 megawatts of capacity, SEC said.

The plant, located in Saudi Arabia's south western Jizan province, will be built within five years, SEC said.

SEC is the largest utility company in Saudi Arabia, the world's largest oil exporter. – Reuters