Mubadala Development Company, the wholly owned investment and development vehicle of the government of the Emirate of Abu Dhabi, today confirmed that the Government of Sultanate of Oman has selected Mubadala Development, consortium leader Suez Energy International and National Trading Company of Oman to build a new power and desalination plant to be installed at Barka, as well as acquire Al-Rusail Power Company, an existing power plant.
Mubadala in a consortium with Suez to build a new power and desalination plant and to acquire an existing power plant in Oman.
Mubadala Development Company, the wholly owned investment and development vehicle of the government of the Emirate of Abu Dhabi, today confirmed that the Government of Sultanate of Oman has selected Mubadala Development, consortium leader Suez Energy International and National Trading Company of Oman to build a new power and desalination plant to be installed at Barka, as well as acquire Al-Rusail Power Company, an existing power plant.
Suez, Mubadala and National Trading Company have now executed the various transaction documents with Omani Authorities.
The project, which is part of a comprehensive privatization program of the country’s power sector, consists of the development, construction and operation of Barka Phase II, a 678 MW and 26.4 MIGD (million imperial gallons per day) independent power and water project (“IWPP”) to be located in the Sultanate of Oman, as well as for the acquisition of a 100% participation interest in Al-Rusail Power Company, a 665 MW power plant currently owned by the Government of Oman. The seawater desalination plant of Barka Phase II is based on reverse osmosis technology to be supplied by Degrémont, specialized in water treatment plants within Suez Environment. A special purpose company has been created to undertake the two projects with Suez and Mubadala each holding a 47.5% interest and National Trading Company holding 5% participation.
“One of our growth strategies is to expand our participation in the Power and Utilities business along side industry leaders like Suez” remarked HE Khaldoon Khalifa Al Mubarak Mubadala’s CEO and Managing Director of Mubadala Development, “Our participation in Mukhaizna oil fields development in Oman are further evidence of our commitment to the economic growth and the continuous prosperity of the region.”
Mubadala Development is a Public Joint Stock company established and wholly owned by the Government of the Emirate of Abu Dhabi. Its mission is to invest in commercially-viable, strategic, industrial and commercial partnerships.
The company manages a diversified portfolio of local, regional, and international investments. International investments include the Dutch fleet management giant LeasePlan Corporation (25% stake), and a stake in nine oil exploration blocks in Libya. Stakes are also held in the Swiss aircraft and engine services provider SR Technics (40%), the Italian luxury car manufacturer Ferrari (5%), and Piaggio Aero Industries (35%).
In the United Arab Emirates and wider Gulf region, Mubadala Development has invested in, and developed, a number of leading projects including the first GCC cross-border natural gas project, Dolphin Energy (51% majority stake), Aldar Properties, National Central Cooling Company, Abu Dhabi Ship Building, Imperial College London Diabetes Center in Abu Dhabi, Injazat Data Systems, and the Mukhaizna Oil Field developments in Oman.
Mubadala Development signed a joint development agreement with Dubai Aluminum Company (DUBAL) to develop, construct, own and operate a USD6-billion world class green-field aluminum smelter complex with 1.2-million tons capacity a year at the Khalifa Port and Industrial Zone in Abu Dhabi.
Mubadala Development is also leading the development of the UAE University’s new campus in Al Ain City through a public-private partnership initiative.
Mubadala Development also prides itself on the creation of numerous strategic alliances and associated projects. Current alliance partners include Dubai Aluminum Company (DUBAL), Rolls-Royce, and Shell.
SUEZ
SUEZ, an international industrial and services Group, designs sustainable and innovative solutions for the management of public utility services as a partner of public authorities, businesses and individuals. The Group aims to meet essential needs in electricity, natural gas, energy services, water and waste management. The Group employs 157,650 people worldwide and achieved revenues of EUR 41.5 billion in 2005. SUEZ is listed on the Brussels, Luxembourg, Paris, New York and Zurich Stock exchanges and is represented in the major international indices.
SEI
SUEZ Energy International is the business line of SUEZ responsible for the Group’s electricity and gas activities outside Europe. With headquarters in Brussels, it employs 5,450 people and is active in four areas: North America, South America, Middle East-Asia and Global LNG. Its assets portfolio represents more than 24,000 MW power generation capacity, 232 MIGD water desalination capacity (incl. Barka) and nearly 15,000 km of gas transport and distribution pipelines. In 2005, SEI sold 105.1 million MWh of electricity and 13.63 billion of natural gas, achieving a turnover of EUR 5,879 million.
DEGREMONT
Degrémont is the water treatment specialist within SUEZ Environment, the business line of SUEZ responsible for supplying services, plant and equipment essential to life and environmental protection: drinking water production and distribution, wastewater collection and treatment, waste processing and recycling. With businesses in over 70 countries and nearly 4,000 staff, Degrémont generated sales of 0.96 billion euros in 2005.
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