Qatar on Wednesday established a private sector firm that would carry out a $700 million water and power project in the Gulf state, reported the Gulf Daily News.
Qatari emir, Sheikh Hamad bin Khalifa Al Thani, issued a decree for the establishment of Ras Laffan Electricity Company Ltd, said the paper, citing the official Qatari News Agency (QNA).
US firm AES Energy will hold a 55 per cent stake in the venture, while majority privately-owned Qatar Electricity and Water Company will hold a 25pc stake, it said.
The rest of the equity will be equally held by state-run Qatar Petroleum and Kuwait-based Gulf Investment Corp.
The plant is planned to generate 430 megawatt (MW) of electricity from mid-2003, subsequently rising to 750 MW within three years, and produce 40 million gallons a day of water by desalination.
Of the $700 million cost, 70 percent will be financed by a syndicated loan – Albawaba.com
