Move to privatize projects

KUWAIT CITY, Dec 13: The Privatization Committee of the Ministry of Electricity and Water that is authorized to execute the procedures for the privatization of the two projects in northern Shuaiba station and the main plants in Sabhan finished putting the terms of reference for contracting with the global consultant who will evaluate the assets of the station, reports Al-Anba daily.

The sources said that the committee will finalize the terms of the consultative alliance that will carry out all agreements, the most important of which is the transfer of fuel to electricity and water, pointing out that privatization will proceed in three stages.

The first is to transfer the station to a company owned by the Supreme Planning Council for Privatization and evaluating its assets. The second step is to transfer the shares of the company to the investor, while in the third stage is to transfer 5% of the shares of the company to employees (citizens) working in the station at the time of privatization.

The sources expected that the station will be privatized within 3 years, considering that the measures considered by the committee will be a model applied to the rest of the stations that will be privatized in the future.