South Korean group Hyundai Heavy Industries has submitted the lowest bid to build a new oil-fired power plant in Jeddah for state-controlled Saudi Electricity Company, industry sources said.

A Hyundai Heavy Industries spokesman said the company was in the process of bidding for the Jeddah South power plant and declined to disclose additional detail.

Daelim Industrial was second lowest while Samsung C&T was third. A consortium of Doosan Heavy Industries and Hyundai Engineering and Construction came fourth while French group Alstom and Saudi Arabia's Bemco were fifth.

A consortium of Germany's Siemens, Japan's Marubeni and Turkey's Gama submitted the highest price for the 2,400 MW Jeddah South plant expected to be completed by 2016.

SEC revised up its investment plan to SR452 billion ($121 billion) over the next decade to meet rising domestic demand boosted by continued economic boom.-Reuters