Qatar’s Nebras Power acquires QEWC shares in Phoenix Power

Qatar-based joint stock company, Nebras Power, on Wednesday signed an agreement with Qatar Electricity and Water Co. (QEWC) to acquire the utility’s 9.75 percent stake in Phoenix Power Co., state news agency QNA reported.

Nebras also acquired QEWC’s 15 percent stake in Phoenix Operating and Maintenance Co.

The acquisition deal, the cost of which was not given, is expected next month.

Phoenix Power owns Oman’s Sur IPP, considered to be the country’s largest power plant with an installed capacity of generating 2,000 megawatt of electricity.

The plant is managed by Phoenix Operating and Maintenance Co.

QEWC said the deal allowed it to maintain focus on power generation and water desalination projects in Qatar, while expanding international investments through Nebras Power.

Nebras Power CEO, Khalid Jolo, said the deal is part of company’s expansion plan in Oman.

Established in 2014, Nebras Power is a joint venture of QEWC (60 percent), Qatar Petroleum International Limited (20 percent) and Qatar Holding (20 percent).