The UK/local joint venture of International Power (IP) and Saudi Oger has entered into negotiations with Saudi Aramco for the project to set up four independent power projects (IPPs) on a build-operate-transfer (BOT) basis. The venture is one of two groups - the other being Japan's Mitsubishi Corporation with Korea Electric Power Company (Kepco) - that are competing for the landmark project, which calls for the installation of about 1,000 MW of generating capacity at four separate locations.
Saudi Aramco is understood to be looking to sign the 20-year energy conversion agreement (ECA) for the four IPPs by the beginning of November (MEED 4:7:03).
The IP/Oger team is supported by an engineering, procurement and construction (EPC) team headed by Japan's Mitsui & Company, and a bank group made up of Arab National Bank, Banque Saudi Fransi and Saudi American Bank.
Aramco's IPP programme calls for the construction of power plants at Ras Tanura, Juaymah, Uthmaniyah and Shedgum.
www.meed.com/powerwater
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