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QNA
Doha
Nebras Power would invest $1.35 billion in Indonesia's Paiton project for producing electricity, its Chairman Fahad bin Hamad al Mohannadi has said.
Mohannadi, also the general manager and managing director of Qatar Electricity and Water (QEWC), noted that Nebras had been looking for investment opportunities outside Qatar.
He said the company had been analysing potential projects, such as the one in Paiton, for nearly three years, adding that a decision on them would be made soon.
Mohannadi said Nebras was considering projects only in countries with high growth rates, because those countries were likely to demand more electricity in the future.
"The best investment opportunities are available in GCC countries, such as Saudi Arabia, Kuwait, UAE and Oman," he said, adding that Nebras was looking to pursue opportunities in those countries.
Other countries with such potential are the South-East Asian nations such as Indonesia, Malaysia, Singapore, The Philippines and Vietnam, he said.
In another development, he said QEWC signed a Memorandum of Understanding (MoU) with Qatar Petroleum (QP) to produce electricity from solar energy in Qatar.
This decision, he added, was taken because QP believed producing electricity from solar energy would make more LNG quantities available for export.
He said the two sides were working on establishing a new company called Seraj Energy Company in the first half of 2017. The company would produce electricity from renewable sources in general and solar in particular, due to the decline in the price of energy.
According to Mohannadi, the cost of producing electricity from solar energy was 12 cents around six years ago, but had come down to less than 3 cents today, mainly because of the increase in production of solar panels.
Currently, he said investing in solar energy was highly rewarding and expected the future of the field to be bright in the region and Qatar.
Mohannadi also highlighted some of the differences in the characteristics of the use of solar energy in the region and other countries around the world.
Another important factor, according to the chairman, was the initiation of solar energy projects in remote locations where skies are mostly clear and humidity is less ” the two factors that affect the efficiency of solar energy.
He said one of the better solar energy projects in terms of economic feasibility was the Ma'an solar plant in Jordan.
He said Nebras was negotiating with the Jordanian government on establishing another solar plant there. The country has two LNG projects that include building a solar power plant.
As regards the impact of oil price depression, he said the company's stock price shows it wasn't affected much by the oil slump.
"Any power project requires three years to go through from planning process to producing electricity. As a result, the decline in oil prices wouldn't affect the company now.
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23/10/2016
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