Saudi Arabia's Sadara Basic Services said on Tuesday that its parent firm signed a 14.13 billion riyal ($3.77 billion) deal with Saudi Electricity Company to supply electric power to its chemicals complex in Jubail Industrial City.

The agreement signed by Sadara Chemical Company, the parent company of Sadara Basic Services, has a 20 year renewable term, a statement from Sadara said.

Sadara Chemical Company is a $20 billion joint venture between state-oil giant Saudi Aramco and Dow Chemical Company.