Kuwait plans to conduct its first initial public offer of shares in an independent power project by this end of this year, selling a 50 percent stake, Oil Minister Essam al-Marzouq said on Monday.
Marzouq was speaking at a briefing by the government on its long-term economic plans.
The government had previously said it planned to sell shares in the Az-Zour North Independent Water & Power Project to the public in mid-2017.
The Az-Zour North One plant has a capacity of at least 1,500 megawatts and is structured as a public-private partnership. The project is 40 percent owned by three partners: France’s Engie, Japan’s Sumitomo Corp and Kuwaiti firm AH Al Sagar & Brothers.
Sovereign wealth fund Kuwait Investment Authority, the Public Institution for Social Security, and PPP body Kuwait Authority for Partnership Projects together hold 60 percent. A public share sale was a condition for the project once construction was finished.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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