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MUSCAT: Phoenix Power Company SAOG announced yesterday one of its founder shareholders Qatar Electricity and Water Company (QEWC), has transferred its entire stake in the company, representing 9.75 per cent of the issued share capital, to one of QEWC’s affiliates in Qatar, Nebras Power QSC.
The announcement came in a filing to the Capital Market Authority.
Phoenix Power Company owns the 2,000 MW Sur Integrated Power Plant, which is one of the largest in the Sultanate and accounts for around 28 per cent of the total installed generation capacity. Phoenix launched commercial operations of its plant in December 2014 and is selling its electricity output to the Oman Power and Water Procurement Company (OPWP) through a long-term power purchase agreement due to expire in 2029. The other project partners in Phoenix Power are Marubeni Corporation, Chubu Electric and Multitech Company.
Doha-based Nebras Power Company was formed in 2014 as a Qatari joint stock company by QEWC, Qatar Petroleum Intl Limited and Qatar Holding.
© Oman Daily Observer 2016
