Expansion of over US$500 million
Doha, QATAR, November 28, 2005: GE Energy recently signed a contract with the Qatar Electricity & Water Company (QEWC) for the expansion of the Ras Abu Fontas B-2 power plant in the State of Qatar. This important venture for over US$500 million, to be developed by a consortium including GE and FISIA Italimpianti., is due for completion in 2007 and will help Qatar support future demands for power and water. The power plant will produce 597 megawatts of power and 30 million gallons of desalinated water per day.
"GE has various projects under development in the State of Qatar in several sectors, and with the signing of this agreement we look forward to further strengthening our position as a global company committed to Qatar and the region," said Nabil Habayeb, President and CEO, GE Middle East and Africa.
Qatar's rapid growth is spurring an increasing demand for power and water. According to industry reports, power demand in the MENA region is likely to grow at a rate of six per cent per annum over the next five years. Among the GCC countries, Qatar and the UAE have invested heavily in new power capacity over the last three years and GE is playing a significant role as a technology and services supplier for these new projects.
Commenting on this relationship, Abdulla Bin Hamad Al-Atiyah, Chairman of Qatar Electricity & Water Company said: "This strategic partnership with GE will enable us to fulfill Qatar's need for greater demand for power and water and will also allow increased production levels of these important utilities."
"GE is proud to be contributing to the development of the State of Qatar and we are excited about establishing a solid relationship with the Qatar Government. Qatar is growing at a tremendous rate and GE is proud to be a partner in Qatar's long term plans," added Habayeb.
GE will supply three Frame 9FA gas turbines for the new project, marking the first application of this technology in Qatar. The project is on a fast-track schedule for completion in time to meet Qatar's peak demand in the summer of 2007.
The agreement was signed following the announcement that Qatar General Electricity and Water Corporation (Kahramaa) has a 25-year agreement to purchase power and water from the QEWC Ras Abu Fontas B-2 plant.
GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenues of US$17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.
GE has been active in the Gulf since 1933. Its activities in the region are conducted through direct presence, joint ventures, strategic alliances, and a wide network of distributors. GE has completed strategic projects in various hi-tech industrial sectors, defense-related contracts and major infrastructure developments.
Anja Pegger
GE
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