Green light for Qatar power plant

Qatar Petroleum has found financers for its US $3.32 billion (QAR12 billion) power and water plant in the industrial port of Ras Laffan, according to Qatar's state news agency QNA.

Qatar Petroleum has found financers for its US $3.32 billion (QAR12 billion) power and water plant in the industrial port of Ras Laffan, according to Qatar's state news agency QNA.

The financers include the Bank of Japan for International Cooperation, which will finance $1.37 billion of the amount, while IDC Canada and Germany's KfW will throw in $1.39 billion. Qatar Islamic Bank and the Islamic Development Bank will finance $250 million.

The project, which is expected to be completed by 2011, aims to enhance power production to help meet the country's growing demand, the bank said in a statement on the Qatar bourse website.

According to previous reports, the project will generate around 2,730MW of electricity, covering around 30% of the country's current needs.

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