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Mon 14 Feb 2011 04:09 PM

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Qatar Electricity forms partnership to bid on Saudi power plant

The 1,500MW Qurayyah project in Saudi Arabia is in prequalification stage, Qatar Electricity & Water Co official says

Qatar Electricity forms partnership to bid on Saudi power plant
QATAR ELECTRICITY: Qatar Electricity & Water Co is the third-largest traded utility in the Middle East by revenue (Getty Images)

Qatar Electricity & Water
Co, the third-largest traded utility in the Middle East by revenue, is
forming a partnership to bid on the first phase of a power plant
project in Saudi Arabia, the general manager said.

“We have put
together a joint venture agreement which is yet to be signed with other
investors,” Fahad Al Mohannadi said without identifying the partners.

The
1,500-megawatt Qurayyah project is in prequalification stage,
Al Mohannadi said. Qatar Electricity may also bid on a second stage for
the project should one be announced, he said.

Qatar
Electricity, a shareholder in power plants within the Arabian Gulf
emirate, is looking to expand outside the country after Qatar built a
surplus of generating capacity in recent years.

The company is
bidding on a project in Oman and may consider projects in India,
Turkey, South Korea and Vietnam, Al  Mohannadi said.

A plan to build a
plant in Syria is on hold as the Syrian government is “reviewing their
strategy,” Al  Mohannadi said.

Qatar
Electricity stock fell 0.6 percent to QR132 a share at 12:40pm
on the Qatar Exchange on Monday. The shares have gained 35 percent this
year.

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