Doha sets up Ras Laffan C project company

12 May 2008
The Ras Girtas Power Company (RGPC), which will own, operate and manage the Ras Laffan C independent water and power project (IWPP), has been incorporated in Qatar.

Qatar Petroleum (QP) holds a 15 per cent stake in the company and Qatar Electricity & Water Company owns 45 per cent. The remaining 40 per cent is shared equally between Belgium’s Suez Energy International and Japan’s Mitsui & Company.

Several contracts for the Ras Laffan IWPP were also signed on 11 May. They include a 25-year power and water purchase agreement between the client, Qatar General Electricity & Water Corporation (Kahramaa), and RGPC. QP and RGPC also signed 25-year gas and seawater supply agreements.

A bank group for the financing of the project is due to be formed within days. The total financing requirement is about $3.2bn, with $1.5bn to come from the Japan Bank for International Co-operation and $300m from Italy’s Gruppo Sace.

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