Oman offloads Al Rusail to foreign group
As part of the deal, the Suez-Tractebel-led consortium will acquire the entire share in Al-Rusail Power from the Government of Oman
The Government of Oman, through the Electricity Holding Co (EHC) and Oman Power and Water Procurement Co (PWP), has awarded the development of the Barka 2 Independent Water and Power Production (IWPP) project to a consortium led by Suez-Tractebel. The group includes Abu Dhabi-based Mubadala Development Corporation and Oman-based National Trading Company.
As part of the deal, the Suez-Tractebel-led consortium will acquire the entire share in Al-Rusail Power from the Government of Oman. This marks the first ever privatisation by way of a 100% share sale of a power asset to a foreign investor in the Middle East.
Mohammed Al-Mahrouqi, CEO of Oman PWP, said: “We have all worked together in achieving the best deal possible for Oman and the full commitment and support of our advisers has been very valuable to the successful conclusion of the Barka 2 IWPP Project and the Al-Rusail Privatisation.”