MUSCAT, JAN 24
Qatari energy company Nebras Energy has strengthened its footprint in Oman’s power sector by acquiring substantial stakes in two major gas-fired projects awarded by Omani authorities over the weekend.
Doha-headquartered Nebras Energy — recently rebranded from Qatar Electricity & Water Company (QEWC) — holds a 49% stake in the 1,700 MW Misfah Power Project in Muscat Governorate and 30% in the 877 MW Duqm Power Project in Al Wusta Governorate. Both projects, awarded by Nama Power and Water Procurement Company, Oman’s single buyer of electricity and water, are based on combined-cycle gas turbine (CCGT) technology and will be designed to be hydrogen-ready for the first time in Oman’s power sector. Total investment across the two schemes is estimated at around RO 1 billion.
In the Misfah Power Project consortium, partners include Emirates Water and Electricity Company (44%) and Oman-based Bahwan Infrastructure Group (7%). The Duqm Power Project consortium comprises Emirates Water and Electricity Company (30%), Korean Western Power Co Ltd (35%) and Bahwan Infrastructure Services (5%), alongside Nebras Energy.
With these acquisitions, Nebras Energy’s investment portfolio in Oman’s power sector has expanded significantly. Through its wholly owned international investment arm, Nebras Power, the company also owns a 9.9% stake in Amin Renewable Energy Company (AREC), which operates the Project Amin solar plant in Petroleum Development Oman’s concession. Earlier this month, the firm acquired a 9.75% stake in Phoenix Power Company, owner of the 2,000 MW Sur IPP.
Established in 1990, Nebras Energy oversees a diversified asset base of over 10.6 GW of generating capacity and 541 million gallons per day of desalinated water in Qatar. Its international arm, Nebras Power, manages a portfolio of energy assets across the Middle East, Asia, Africa and Latin America, spanning power generation, renewables and water infrastructure.
Meanwhile, UAE-based Etihad Water and Electricity (EtihadWE) is making its debut in Oman’s power sector with significant stakes in the Misfah and Duqm projects. Wholly owned by the Emirates Investment Authority, EtihadWE has historically focused on the Northern Emirates but has recently expanded into Saudi Arabia and Oman as part of its regional growth strategy.
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