Masader consortium exits Ras al-Zour bidding

26 June 2008
A consortium led by Saudi Masader and Taiwan Power Company withdraw from the bidding for the engineering, procurement and construction (EPC) contract on the $3bn independent water and power project (IWPP) at Ras al-Zour.

The withdrawal leaves three groups expected to table bids by the latest deadline of 28 June (MEED 30:5:08).

The three remaining bidders are Japan’s Marubeni Corporation with Belgium's Suez Energy International, Japan's Sumitomo Corporation with Malaysia's Malakoff Berhad, and the local Acwa Power with South Korea's Electric Power Corporation.

The Marubeni consortium has banking support from Calyon, Standard Chartered, National Commercial Bank, and Banque Saudi Fransi.

The Sumitomo consortium is working with Royal Bank of Scotland, Citigroup, Sumitomo Mitsui Banking Corporation, Mizuho, Bank of Tokyo-Mitsubishi, and Japan Bank for International Cooperation (JBIC).

Acwa Power is thought to be working with Gulf International Bank and Bayern LB.

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