Funds secured for power plant
01 November 2001
Two European banks and a local financial institution have extended a $225 million loan to finance the construction of a private power plant in Oman, said an official of the company developing the project.
"BankMuscat has provided $40 million of the loan, while BNP Paribas of France and Germany's WestLB (Westdeutsche Landesbank Girozentrale) each extended $92.5 million," C M Raman, managing director of Dhofar Power Company, said.
Raman said the loan was signed last month, but gave no details about its terms.
He said India's Larsen & Toubro would build the plant which is expected to become operational in the first quarter of 2003.
In March, Oman signed a 20-year concession agreement with PSEG Global, a subsidiary of US-based Public Services Enterprise Group Inc, to build the 200-MW plant in the southern city of Salalah.
Dhofar Power Company, 81-per cent owned by PSEG Global with the rest held by local firms, will operate and manage the plant.
Private investors already operate Al Manah power plant in a government's drive to sell the entire power industry to the private sector.
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