Mubadala and Suez to build a new power and desalination plant
Posted: 18 December 2006
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Mubadala Development Company, the wholly owned investment and development vehicle of the government of the Emirate of Abu Dhabi, 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 (´IWPPˇ) 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 . |
