Under the privatisation plan, the three state-owned generating plants at Rusayl, Wadi Jizzi and Ghubrah will form independent power companies to compete alongside the country’s existing private plants at Barka, Al-Kamil, Al-Manah and the vertically integrated Salalah power system operated by Dhofar Power Company. A fourth independent water and power project (IWPP), which is currently out to tender, is planned for Sohar (see above).
According to Al-Mahrouqi, 35 per cent of Al-Kamil Power Companywill be floated in June on the Muscat Securities Market. The UK’s International Poweris the 100 per cent shareholder in the 280-MW plant. The sell-off will be followed before the end of the year by a similar flotation in AES Barka, which operates the 427-MW, 20 million-gallon-a-day Barka plant. Under the government’s regulations for fast-track projects, developers have to divest a stake in the company within four years of a plant’s commissioning.