(AFP, LONDON) - The Omani government awarded a contract to build, own and operate a gas-fired power station to International Power, according to a statement here Monday.
The contract with the international arm of Britain's National Power to build the 250 megawatt power station in the Sharqiva region, south of Muscat, was signed in Muscat on Monday.
It is the first of two contracts to build and manage power stations in Oman that will be awarded this year, National Power said.
International Power will invest 20 million pounds (€31.8 million, $29.8 million) of equity for a 100 percent stake in the Al Kamil Power Company, which will own the power station, Monday's statement said.
The remainder of the project costs will be funded by commercial debt and construction will begin when funding is in place.
Commercial operation is expected to start on April 1 2002.
Peter Giller, chief executive officer of International Power, said: "This is an exciting opportunity in Oman, where the power sector is in the process of privatization."
© Agence France-Presse 2000
© 2000 Mena Report (www.menareport.com)
