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Qatar Petroleum, Qatar Electricity plan solar power venture

DUBAI, December 23, 2015

State-owned oil and gas producer Qatar Petroleum and utility Qatar Electricity and Water Company (QEWC) said they had agreed to establish a $500 million venture to generate electricity from solar power.
 
A memorandum of understanding signed on Wednesday provides for Qatar Petroleum to own 40 per cent of the venture and QEWC the remainder. They did not give details of their solar generation plans.
 
Electricity production by QEWC and its subsidiaries is expected to rise to about 11,000 megawatts (MW) in the first half of 2018 from around 8,600 MW currently, the company said.
 
Commercial generation of solar power is rare in the Gulf but oil exporting countries around the region are starting to develop it, citing environmental reasons as well as a desire to conserve oil and gas reserves for export in the future. - Reuters and Agencies



Tags: Qatar | Electricity | solar | power | petroleum | venture |

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