Japanese trading house Marubeni Corp said Oct. 16 it had won the right to build one of the world's largest independent power producer projects in Qatar valued at $2.3 billion dollars. Marubeni will take a 40% stake in the thermal power plant. Qatar Electricity and Water Company will also have a 40% stake, with Qatar Petroleum holding the remaining 20%, Marubeni said.
The Japanese trading firm said it will complete construction of the plant in Mesaieed by April 2010 and will manage it for 25 years.
Marubeni said the plant, which will produce 2,000 megawatts (two million kilowatts), is one of the world's biggest so-called independent power producer projects (IPP) -- a private generator that sells power to utility companies.
"The Middle East is a major business area for our company besides Asia and overseas IPPs are one of the focuses of our business," a Marubeni spokesman said.
Oil-rich Qatar is witnessing a construction boom, part of which started in preparations for the Asian Games this December.
Copyright Agence France-Presse, 2006