Qatar’s Ne­bras to buy Engie’s stake in Paiton

Kuwait Times - - BUSINESS -

Qatar’s Ne­bras Power plans to ac­quire a 35.5 per­cent stake held by French util­ity Engie in In­done­sia’s largest in­de­pen­dent power pro­ducer PT Paiton En­ergy by the end of 2016, the CEO of Ne­bras said yes­ter­day. The Qatari in­fra­struc­ture in­vest­ment firm, 60 per­cent owned by Qatar Elec­tric­ity and Water, with the re­main­der split be­tween Qatar Pe­tro­leum and Qatar Hold­ing, said in Fe­bru­ary it planned to ac­quire the stake in PT Paiton. Engie cur­rently has a 40.5 per­cent stake, with the re­main­der held by Ja­pan’s Mit­sui, Tokyo Elec­tric Power, and In­done­sia’s PT Batu Hi­tam, ac­cord­ing to Engie’s web­site.

“The Paiton pro­ject we are in the process of clos­ing now. We are tar­get­ing the end of this year,” Khalid Jolo told Reuters. Jolo de­clined to com­ment on the value of the stake but Ne­bras Power’s chair­man, Fa­had Al-Mo­han­nadi, told state news agency QNA in Oc­to­ber that it planned to in­vest $1.35 bil­lion in In­done­sia’s Paiton pro­ject for pro­duc­ing elec­tric­ity. Qatar, the world’s big­gest liq­ue­fied nat­u­ral gas pro­ducer, founded Ne­bras in 2014 as a $1 bil­lion in­vest­ment arm to add for­eign power and water as­sets to stakes it al­ready had in busi­nesses from Volk­swa­gen to Har­rods depart­ment store in London. — Reuters

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