The Dubai-based Mena Infrastructure Fund has purchased a 20 per cent stake in Oman’s Sohar independent power project (IPP) from the UK/French IP-GDF Suez, and other investors in the project.

The sale was driven by monopoly issues created by the merger of International Power and GDF Suez. In addition to the 10 per cent stake in the plant sold by the UK/French firm, two other blocks of 5 per cent were sold by the local WJ Towell and the Zubair Corporation.

The deal, which was completed on 24 October, leaves IP-GDF Suez with a 35 per cent stake, 10 per cent with the two local investors, 20 per cent held by the Mena Infrastructure Fund and the final 35 per cent stake traded on the Muscat Stock Market.