Funding for $6 billion power grid project approved by GCC ministers
Electricity and energy ministers of the GCC states approved in Kuwait City Saturday funding for a plan to link power grids, Kuwaiti Energy Minister Sheikh Ahmad Fahd Al Sabah said.
"The ministers approved the special mechanism for funding the project ... and execution will begin very soon" for the estimated $6bn project, the minister told reporters.
The first phase, which involves linking the grids of Kuwait, Saudi Arabia, Bahrain and Qatar, will cost $2.25bn and is in the pre-qualification stage, he said.
The Saudi Kingdom will contribute about 40% of the first-phase cost, Kuwait 36.5%, Qatar 13.5% and Bahrain about 10%, Sheikh Ahmad said. (menareport.com)
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