DOHA: Qatar Electricity and Water Company (QEWC) is participating in bidding for Sur Power project in the Sultanate of Oman in consortium with Marubeni, Chubu and Bahwan Engineering Company in Oman, Deputy Premier and Chief of the Emiri Diwan H E Abdullah bin Hamad Al Attiyah said here yesterday.
Addressing the Annual General Assembly of QEWC shareholders, he said the company is studying the proposal for the establishment of a power plant in India in partnership with the National Thermal Power Corporation of India. QEWC has also other projects in the pipeline which include the establishment of a power plant in Nasiriyah in Syria and participation in a power plant in Seoul, Korea in partnership with SK E&S.
In the area of domestic investments, an agreement has been signed between QEWC and Qatar Petroleum (QP) to cover the projected increase in requirement for electricity at the Halul Island which is expected to reach 20 megawatts (MW) in 2013.
The rented diesel generators will be used to provide electricity to Halul temporarily until the implementation of the Sea Cable Project, which will secure the future needs for electricity in the island. QEWC has floated tender for the supply of the diesel generators and ENERCO was selected as the preferred bidder.
Abdullah bin Hamad said the company has developed various sources of income through development and participation in various power generation and water desalination projects. During the year, he said, the company managed to complete its fully owned RAF A1 water desalination station. "So far the company has participated in four independent power projects in Qatar.
During the year the Mesaieed Power Company project, in which QEWC holds 40 percent, reached its project completion and QEWC increased its ownership in Ras Laffan Power Company to 80 percent through the purchase of shares previously held by AES Corporation," Abdullah bin Hamad said. He added that one among the largest power generation and water desalination project in the region, Ras Girtas Power Company project is scheduled to complete in April this year.
QEWC holds 45 percent shares in Ras Girtas Power Company. In addition to the investments in power and water sector, QEWC holds a large portfolio of investments in Qatar Exchange though utilisation of surplus cash available and this has positively reflected on QEWC financial results and provides liquidity for the new projects, Abdullah bin Hamad said.
QEWC achieved an increase in consolidated operating income in 2010 as a result of the increased efficiency of the plants and productivity. The total operating income of the Group for the year 2010 was QR 3.430bn compared to QR2.651bn in 2009, showing an increase of QR779m. The investment income and other income during the year was QR370m compared with QR267m in 2009, showing an increase of QR103m.
Accordingly, the total revenue for 2010 amounted to QR3.8bn, showing an increase of QR882m, when compared to the total revenue of QR2.918bn in 2009, showing an increase of 30 percent. The net profit attributable to QEWC is QR1.163bn, showing an increase of QR218m or 23 percent when compared to the profit of QR945m achieved in 2009.
© The Peninsula 2011
