Oman’s Ibri IPP to launch in Q1 of 2019
The gas-fired combined cycle power plant will operate according to the latest global standards to increase the efficiency of operation and production of electricity at a lower price and reduce costs
Ibri independent power project (IPP) is the largest investment project in Oman’s Governorate of Dhahirah and is expected to significantly boost power supply in the region.
The project is developed by a consortium of Mitsui and Co (50.1%), ACWA Power (44.9%) and Dhofar International Development and Investment Holding Co (5%).
The plant is expected to commence commercial operations on schedule after the completion of efficiency testing phase in April 2019.
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Eng Ali Mohammed al Raiisi, chief executive officer of A’Dhahirah Generating Co said that the total contracts awarded to local companies amounted to $168mn through procurement, logistics services or technical contracts, representing 17% of total investment of $847mn in the project.
Raiisi assured that the commercial operation of the plant will commence in early April 2019.
The gas-fired combined cycle power plant will operate according to the latest global standards to increase the efficiency of operation and production of electricity at a lower price and reduce costs.
A’Dhahirah Generating Co will also contribute to the national economy by offering part of its shares at the Muscat Securities Market an initial public offering (IPO) next year, providing a promising investment opportunity in a sector characterised by sustained growth and sustainable returns.