Az-Zour North project wins Thomson Reuters award

Kuwait's Az-Zour North power and desalination plant project has won Thomson Reuters' 2013 Project Finance International Power Deal of the Year in the Middle East. The deal, which has so far reached phase one, is being conducted by a combined workforce of local public and international firms for the first time, read a statement by Kuwait's state technical body tasked with research on development projects and initiatives. The project aims to provide 1,500 megawatts of electricity and 102 million Imperial gallons of water. The project is considered "vital and dynamic" to the country, added the statement, which said that this requires the project to be carried out "according to the highest international standards and professionalism." The award panel took into consideration the "transparency, fairness and bidding process" taken in securing the deal, and this "will do much to augment the reputation of Kuwait," the statement emphasised. The award will be handed out on February 5 in London.