February 13, 2011 20:19
Inter RAO may join oil shale project in Jordan (Part 2)
ABU DHABI. Feb 13 (Interfax) - Russia's Inter RAO is considering possible involvement in the construction of a $250 million complex for processing oil shales in Jordan, company CEO Boris Kovalchuk said at the opening ceremony of a Middle East representative office.
He said Inter RAO would set up a joint venture with an investor from Saudi Arabia with the sides getting 33% and 67% respectively.
He said the complex will include a power plant with the capacity of 90-150 MWt.
Kovalchuk said that the electricity from the plant will be sold to the Jordanian state company NEPKO and the synthetic oil - to the state oil refining company ZAPKA.
The partners are expected to make a feasibility study of the project by the end of the year. Currently geological prospecting at the field continues.
Kovalchuk said that the field extends to Israel and his company plans to hold talks with Israel on its possible involvement in the project.
Speaking of other Inter RAO power engineering projects in the Middle East he said that an SPV is being set up with the government of Yemen to upgrade and operate Al Hiswah thermal power plant in that country. Investment in the project is estimated in $100 million. The company plans to upgrade three power units raising their capacity from 50 to125 MWt.
One more project in the Middle East is the construction of Al Kamsha wind farm. The energy from it will be sold at a fixed price to NEPKO. The project is estimated at $105 million. It will be co financed by an investor at the ratio of 51% to 49%.
Inter RAO also shows interest in the restoration of the Dokan and Derbandikhan HPP in Iraq with a combined capacity of 670Mwt.
The energy holding is considering the possibility of setting up two JVs for electricity deliveries to Turkey and Syria but no understandings have been reached yet.
Speaking of general plans for the Middle East Kovalchuk said that his company plans to expand its presence through privatizing the energy assets in several countries. This will allow Inter RAO boost its energy deliveries to neighboring nations.
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