Qatari firm to invest in power generation plant

Qatar Electricity and Water Company (QEWC) is about to finalise a deal to purchase a stake in one of Jordan’s electricity generation plants based in Amman, according to the firm’s top executive. Fahd Hamad Al Mohannadi, QEWC general manager, told The Jordan Times through an e-mail interview that the deal’s procedures are expected to be completed within the coming few days, adding that the acquisition will be the company’s first investment in the Kingdom. He stopped short of divulging more details on the deal or the partners. There are two power generation firms in Jordan, the Central Electricity Generating Company and the Samra Electric Power Generating Company (SEPGC). SEPGC, located in east Amman, is the only power generating plant in the capital. Mohannadi indicated that QEWC, which is a publicly traded company founded in 1990 with paid-up capital of 100 million shares of QR10 each, is also considering implementing power generation projects with Jordanian partners. “QEWC sees that Jordan has the investment environment and legislation necessary to attract investors,” he noted. When asked about last month’s media reports that suggested QEWC is considering to shift its investments in Syria to Jordan, due to political unrest, Mohannadi stressed that the projects the company is considering for Jordan “have nothing to do with Syria”. One of the company’s main objectives is to expand its projects and investments inside and outside Qatar, he remarked. Jordan and Qatar have recently discussed the possibility of establishing a terminal at the Red Sea Port of Aqaba to receive and distribute liquid gas from the Gulf state. The cost of the joint project, according to media reports, is estimated at $1 billion.