GULF Seals the Deal to Take 45% of Gas-Fired Power Project in Oman
GULF has announced the completion of 45% share acquisition from Oman Oil Facilities Development Company LLC for investment in a 326MW gas-fired power project in Oman.
Gulf International Holding Company Pte. Ltd. (GIH), a subsidiary of Gulf Energy Development Public Company Limited (GULF), received approval from the government of Oman on 5 September 2018 to enter into a joint venture with the Oman Oil Company S.A.O.C. (OOC) group, a wholly-owned subsidiary of the Omani government, to invest in the Duqm Power Company L.L.C. (DPC) gas-fired power project, with an installed power generating capacity of 326MW and an installed water generating capacity of 1,667 cubic meters per hour, located in the Duqm Special Economic Zone (Duqm SEZ) Oman. GIH will hold 45% of shares in DPC and the OOC group will hold 55% of shares.
On October 28, 2018, GIH had made payment for the share purchase of USD 8.75 million to the OOC group and completely acquired 45% share in DPC from OOC group.
The DPC power project commenced construction in August 2018 and is scheduled to reach commercial operation in stages between 2020 and 2022 in order to supply power and water to the Duqm Refinery and Petrochemical Industrial Company L.L.C., a large-scale refinery with a crude oil production capacity of approximately 230,000 bpd.
