QATAR: Three major state-backed entities, Qatar Electricity and Water Company, Qatar Petroleum International and Qatar Holding …set up a new $1bn shareholding power company…

Three major state-backed entities,  Qatar Electricity and Water Company (QEWC), Qatar Petroleum International (QPI) and Qatar Holding (QH), have come together to set up a new $1bn shareholding company,  Nebras  Power, which will seek investment opportunities in electricity and water sectors outside the country.

QEWC general manager Fahad al-Mohnnadi, flanked by QPI CEO Nasser bin Khalil al-Jaidah (left) and QH managing director and CEO Ahmed bin Mohamed al-Sayed, signing the agreement to constitute Nebras Power as Minister of Energy and Industry HE Dr Mohamed bin Saleh al-Sada and others look on.

At a meeting held yesterday in the presence of Qatar Minister of Energy and Industry HE Dr Mohamed bin Saleh al-Sada and top officials of QEWC, QH and QPI,  a shareholders agreement was signed to form  the new  company .

The agreement was signed by QEWC general manager Fahad Hamad al-Mohannadi,  QPI CEO Nasser bin Khalil al-Jaidah and QH managing director and CEO  Ahmed bin Mohamed al-Sayed

The $1bn Nebras Power will explore the possibilities of investing internationally in power generation and related activities. Of the three partners, the QEWC will have a 60% stake in the new company, while QPI and QH will share the remaining 40% equally between them. The board of directors of the new  firm will be nominated by the shareholders of the
three stake-holding companies.

While expressing happiness at the formation of the new company,  al-Sada said it represented the collaboration of a group of major Qatari companies and it enjoyed the wholehearted support of HH the Emir Sheikh Hamad bin Khalifa al-Thani.

“Nebras Power aims at becoming a global company and is all set to make the first steps to position itself as a leader in its area of activities at the regional and international levels,” he said.

Al-Mohannadi felt the collaboration and partnership would strengthen the QEWC’s international investments, especially those in   Oman and  Jordan. The partnership, he said, would provide a strong basis for competition in the international market, owing to the better expertise of the shareholders in international investments and fuel supply.

Al-Sayed and  al-Jaidah echoed similar sentimements about the future prospects of the new company.

In a joint statement, the three shareholding companies said they stood to benefit from their collective expertise in  future investments. The new company, they said, would require the collaboration of all shareholders in providing their technical, financial and management expertise to enable it to make an entry into the global market.

They felt it was very much possible because of the strong economy and financial position of Qatar, besides its strong political ties with the rest of the world.

Reported by: Caye Global News, Gulf Times

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