16 November 2001

AES has taken a major stake in what is believed to be the first private sector utility project in Qatar, a 750MW power and desalination plant to be built at Qatar Petroleum's Ras Laffan Industrial City. The total project is valued at $700 million. The build-operate-transfer scheme is to be built by a joint venture - Ras Laffan Power Co - which, in addition to AES (55 per cent) includes Qatar Electricity and Water Co (25 per cent), Qatar Petroleum (25 per cent) and Gulf Investment Corp (25 per cent). A consortium of banks led by ANZ Investment Bank is financing the project. Qatar Electricity and Water Co has committed itself to taking up to 70 per cent of the power output and Qatar Petroleum will guarantee fuel supply. The scheme will supply 150 000 m3 of potable water each day. The power plant is expected to enter service by March 2003, with water delivery scheduled for May 2004. Output from the plant is to be raised to 1400 MW during the 25 year life of the project.

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