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Qatar to set up USD 500 million JV firm for renewable energy projects

Move to meet country’s growing energy needs Qatar: According to a news report published in the Gulf Times dated December 31, 2015, work is under way to establish a USD 500 million joint venture company to explore the possibility of building viable and feasible renewable energy projects to meet Qatar’s growing energy needs. The company, […]

| | Jan 14, 2016 | 10:44 am
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Move to meet country’s growing energy needs

Qatar: According to a news report published in the Gulf Times dated December 31, 2015, work is under way to establish a USD 500 million joint venture company to explore the possibility of building viable and feasible renewable energy projects to meet Qatar’s growing energy needs.

The company, in which Qatar Electricity and Water Company (QEWC) has 60% stake, and Qatar Petroleum (QP) has 40% stake, is expected to come into being in mid-2016, Fahd bin Hamad al-Mohannadi, Managing Director and General Manager of QEWC, confirmed.

He was reportedly replying to a query from the Gulf Times on QEWC’s business plans for the coming years, at a meeting where an announcement on Nebras Power Company’s acquisition of QEWC’s stakes in two power companies in Oman was made.

According to the news report, Al-Mohannadi said that studies carried out in recent years had found enormous potential for renewable energy projects in Qatar, notably solar plants, and that a few of the potential locations had already been identified for development.

Earlier, in December, said the news report, an agreement was formally signed between QP and QEWC for setting up a joint venture for establishing renewable energy projects in the country, with QP President and Chief Executive Saad Sherida al-Kaabi and Al-Mohannadi were the signatories to the agreement signed in the presence of H.E. the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani.


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