Jubail Energy Company wins award
01 May 2004
Jubail Energy Company (JEC) – a joint venture between National Power Company (NPC) of Saudi Arabia and US-based CMS Energy – has been awarded Project Finance magazine’s ‘Deal of the Year’ award in the Middle East’s Independent Power Producer (IPP) category for 2003.
The award was conferred in recognition of the company’s financing of the Saudi Petrochemical Company (Sadaf) co-generation project, which is the first private IPP in the kingdom.
The Sadaf project, expected to start up in the first quarter of 2005, is structured under a build operate transfer (BOT) model and will provide 250 MW of electricity and 510 tonnes per hour of steam co-generation power from its site in Jubail Industrial City in the Eastern Province of Saudi Arabia.
JEC is 75 per cent owned by National Power Company (NPC), of which Zamil Group owns 50 per cent and Alsaif Group owns 50 per cent.
“This award adds to the successful accomplishments of the Sadaf project as the first IPP project in Saudi Arabia to reach financial closure, and I would like to thank all those who have made this possible,” said Fahad A Al Zamil, managing director of Zamil Group on receiving the award in London recently.
Project Finance’s ‘Deal of the Year’ annual award is open to deals from different sectors including oil and gas, power/ renewable, transport and water in Europe, the Middle East, Africa, Asia-Pacific and the Americas. All submitted projects must have reached financial closure or be due for closure by the end of the year, a spokesman said.
