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FINANCIAL NEWS
Qatar, Syria sign power plants agreement
27 Apr 2010
(MENAFN) The Qatar Electricity and Water Corporation (QEWC) joined hands with Syrian-Qatari Holding (SQH) to develop two 450MW gas-fired power plants in Syria, The Peninsula reported.
QEWC and SQH signed the Principles of Agreement (PoA) setting a broad framework for the joint development, financing, construction and operation of the power plants. Last year, the Syrian-Qatari Holding (SQH) signed a Memorandum of Understanding (MoA) with the Syrian Ministry of Electricity for the project worth an estimated $1 billion.
Construction of the power plants will commence before April 2011 and is expected to be fully operational by June 2013, said General Manager of QEWC, Fahad Hamad Al Mohannadi.
The plants will be located at Swedeih, close to the oil fields in the Northeast of Syria and in the industrial city of Adra, Al Mohannadi said. Natural gas will be provided by the Ministry of Petroleum and Mineral Resources under a long term Fuel Supply Agreement (FSA) from amounts allocated to the Ministry of Electricity.
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