[Stones and Stories] 'Saudi Contract' Doosan Enerbility Surges on Hopes for Summit Benefits

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Doosan Enerbility is showing a strong gain of over 5% during trading on the 12th following news that a summit between South Korea and Saudi Arabia will be held soon.

Doosan Enerbility's stock price surged to 21,700 KRW, up 6.90% from the previous day during intraday trading. Afterwards, due to profit-taking selling, as of 10:44 AM, the stock was trading at 21,300 KRW, down 4.93% from the previous day.

The company is an affiliate of the Doosan Group engaged in power generation facilities including nuclear, thermal, and wind power. Recently, it announced plans to build a seawater desalination plant worth 840 billion KRW in Saudi Arabia, which is expected to benefit from the Korea-Saudi summit.

This project involves constructing a reverse osmosis (RO) seawater desalination plant approximately 110 km south of Jeddah. RO desalination uses a technology similar to water purifiers, applying artificial pressure to seawater to pass through a semipermeable membrane to remove salt.

Doosan Enerbility also plans to build a 60 MW solar power plant to reduce electricity consumption during freshwater production.

Earlier, reports emerged that the government is pushing to hold a summit between South Korea and Saudi Arabia around November.

At this summit, the $650 trillion KRW Neom City project, the world's largest construction project underway in Saudi Arabia, and local nuclear power plant contract projects are expected to be key agenda items.

This content was produced with the assistance of AI translation services.