QEWC and QP in solar joint venture
The joint venture, which will have 40% stake by QP and the remaining 60% by QEWC, is aimed at diversifying the sources of energy production and increasing reliance on renewable sources
Qatar Petroleum (QP) and Qatar Electricity and Water Company (QEWC) are establishing a joint venture for the generation of electricity from solar power.
The joint venture, which will have 40% stake by QP and the remaining 60% by QEWC, is aimed at diversifying the sources of energy production and increasing reliance on renewable sources.
However, details regarding its capital base were not disclosed.
Saad Sherida al-Kaabi, president and chief executive of QP and Fahad Hamad al-Mohanadi, managing director of QEWC signed a memorandum of understanding (MoU) in the presence of Prime Minister HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani.
"Qatar is continuing in its efforts to provide sustainable sources of energy and to help conserve the environment as well as our natural resources, as we implement the environmental pillars of Qatar National Vision 2030, and protect the rights of future generations," said Sheikh Abdullah.
“QP is aware of its immense responsibility to help preserve the environment, support sustainable development efforts, and ensure the long term optimal utilisation of our natural resources; and for that end, we have worked to harness the most efficient technological solutions to meet the environmental challenges of the 21st century," said al-Kaabi.
He said this MoU to establish a company for the generation of electricity from solar power is a continuation of QP's environmental commitment demonstrated by various environmental projects, such as the reduction of gas flaring and greenhouse gas emissions, and the Jetty Boil-off Gas Recovery project.
Highlighting QEWC’s contribution to Qatar's water and electricity security and the preservation of the environment; al-Mohanadi said production of electricity by QEWC and its subsidiaries will rise from about 8,600 megawatts currently to about 11,000 megawatts in the first half of 2018.