Oman to boost power production
Bank Muscat has announced the successful closing of the Barka 3 and Sohar 2 power projects in Oman. The two projects with an investment of around US$ 1,700 million would add 1500 MW power capacity to the system by the summer of 2013. Bank Muscat was the financial and lead advisor to Oman Power and Water Procurement Company. Finland’s Poyry was the technical consultant while UK’s Berwin Leighton Paisner was the legal consultant.
The projects attracted seven international developers including consortiums led by International Power, Marubeni, Acwa International, KEPCO, Mapna and Lanco Power. The project was awarded to the consortium led by France’s GDF Suez.
Commenting on the issue, Mr Abdul Razak Ali Issa, Chief Executive of Bank Muscat remarked : “The financial close of two power projects in Oman was achieved during difficult market conditions, thereby cementing Oman’s reputation as a country of choice for developers and financial institutions. The participation of seven strong bidders is a demonstration of international investor’s confidence in Oman and in the process adopted by OPWP. We at Bank Muscat are proud to have advised OPWP and thank the Government for giving us this opportunity”.
Earlier in the year, the Bank Muscat Investment Banking team raised the US$ 1,600 million, 600 MW coal fired power project by Botswana Power Corporation. Bank Muscat acted as financial advisor to the wholly Government owned Botswana Power corporation which won the African Power Deal of the Year award from Project Finance International.
Bank Muscat is also advising a Jordan Government entity i.e. Aqaba Water Company for an independent water project at Aqaba in Jordan. Over the last few years Bank Muscat has expanded and further strengthened its position in the infrastructure advisory business regionally as well as globally. Leading infrastructure magazines viz Infrastructure Journal and Project Finance International have consistently ranked Bank Muscat among the top 25 global financial advisory firms.
Commending the team on the success Mr Abdul Razak Ali Issa, Chief Executive of Bank Muscat remarked : “We are pleased with the achievements of our Investment Banking team. The success is a further testimony to the expertise and indepth experience available at Bank Muscat to handle complex transactions. The team has successfully expanded its area of operations in the African and Asian markets having executed transactions in Oman, UAE, Saudi Arabia, Bahrain, Jordan and Botswana.”
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