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Saudi Electricity Says Will Get $400m Payment From Aramco

Saudi Electricity Says Will Get $400m Payment From Aramco

The settlement covers payments due between 2007 and 2013.

Saudi Electricity Co, the Gulf’s largest utility firm, will receive a payment of SAR1.5 billion ($400 million) from oil giant Saudi Aramco as settlement of claims for using its electricity transmission systems, it said on Wednesday.

The payment will affect cash flow and reduce consumer receivables in the third quarter of 2014, the utility firm said in a bourse filing.

The settlement covers payments due between 2007 and 2013.

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