QEWC and Partners Sign Power Project Agreements with Oman

Doha, July 14 (QNA) - Qatar Electricity and Water Company (QEWC) and its consortium partners has signed project agreements with Oman Power and Water Procurement Company SAOC (OPWP) to commence construction of the Sur Independent Power Project. QEWC's partners comprise Marubeni Corporation, Chubu Electric and Multitech LLC and the agreements, the company said in a media statement.
The agreements are: Power Purchase Agreement signed with OPWP; Connection Agreement signed with Oman Electricity Transmission Company; Project Founders Agreement signed with the Electricity Holding Company; Natural Gas Sales Agreement signed with the Ministry of Oil & Gas and Usufruct Agreement signed with the Public Establishment for Industrial Estates. QEWC General Manager Fahad Al Mohannadi Wednesday signed the Project Founders' Agreement on behalf of QEWC in the presence of QEWC Business Development Manager Khalid Jolo. The Sur IPP is the biggest green-field power project ever to be undertaken in the Sultanate of Oman and will provide 2,000 megawatts of power on full commissioning in 2014. The project was undertaken to provide power to meet the needs of Oman, where demand for electricity on the Main Interconnected System has been increasing by an average annual amount of 8.9% per annum since 2004. Such investment underpins economic development in the Sultanate and improves the living standards for its citizens. The successful signing of the 2000 MW Gas fired Sur IPP in Oman demonstrates QEWC's continued development of an international generation business outside of Qatar. QEWC, established in 1990, is the leading power generation company in Qatar and currently owns, operates and maintains gas fired and desalination power and water plants and has under its ownership the installed capacity of 5.4GW of Power and 255 MIGD of desalination plant.
QEWC is actively seeking Greenfield and acquisition opportunities in various regions across the world including the Middle East and Asia to expand its generation portfolio internationally. QEWC plans to continue growth by diversifying the company s portfolio internationally. The company intends to expand through a mix of new investments and acquisitions whereby QEWC is able to build on the successful track record in its domestic market. QEWC is close to completing an acquisition opportunity in Jordan and is currently participating in the Hassyan IPP opportunity in Dubai. (QNA)