Business | General
UAE firm to help Iran build power plant
UAE-based Quest Energy and an Iranian company are developing a project to build a 1,000 megawatt (MW) power plant in southern Iran, London-based Middle East Economic Digest (MEED) reported.
- Reuters
- Published: 00:09 August 3, 2008
Dubai: UAE-based Quest Energy and an Iranian company are developing a project to build a 1,000 megawatt (MW) power plant in southern Iran, London-based Middle East Economic Digest (MEED) reported.
Iran Power Projects Management (Mapna), a large local power developer, is participating in the project to set up the open-cycle gas-powered plant in Shiraz, which is due to be financed by Dubai Islamic Bank, MEED said in its latest issue published late on Friday.
An official at Quest Energy Middle East confirmed to Reuters in Dubai that the company was involved in the project, but said he could not immediately provide further details. Dubai Islamic Bank officials could not be immediately reached to comment.
MEED said a power-purchase agreement will be signed by the two developers and the state-owned Iran Power Generation Transmission and Distribution (Tavanir) to provide them with gas under a long-term energy conversion agreement. The weekly did not cite any sources for its report.
Foreign investors have come under increasing pressure from the West to either halt or decrease the scope of their business in Iran as Western powers try to ratchet up sanctions on the Islamic republic over its disputed nuclear programme.
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