GDF Suez says third of Oman power units set for stock market

26th March 2014, Comments 0 comments

French energy group GDF Suez said Wednesday it planned to float a one-third share in a company owning two gas-driven power stations in Oman on a local stock market in May.

The power plants, Barka 3 and Sohar 2, each capable of generating 744 megawatts, began operating in April 2013 and were opened officially this week.

GDF Suez headed a consortium which won the contract for the two projects in 2010 and owns 46 percent of them.

The French group said that the members of the consortium which built and is responsible for running the plants had undertaken to place 35 percent of the two facilities on the market within four years.

Consequently 35 percent of the two operations would be offered for sale in May, GDF Suez said in a statement.

A company spokesman said that the shares would be offered by means of a flotation on a local market, implying that this would be the Muscat Securities Market since this is the only such market in Oman.

Other partners in the consortium are the Oman firm Suhail Bahwan Group with an 22-percent stake, the Oman public social insurance body PASI with 10.0 percent, and Japanese companies Sojitz Corporation and Shikoku Electric Power Co, each with 11.0 percent.

The investment in the two power stations totalled $1.7 billion (1.23 billion euros).

© 2014 AFP

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