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FINANCIAL NEWS
Asia Power to open a $2.8b power plant in Fujairah
18 Aug 2010
(MENAFN) Asia Power Co announed that it will open a $2.8 billion power plant in the city of Fujairah in the UAE that will supply the world’s third-largest port for refuelling ships, Bloomberg reported.
Asia Power Co, which is partly owned by International Power Plc of Britain and Japan’s Marubeni Corp plans, will open the plant later this year. The 2,000-megaWatt F2 plant in Fujairah on the country’s eastern coast will use natural gas from Dolphin Energy, an Abu Dhabi state-controlled venture that started transporting gas in 2007 from neighbouring Qatar to the UAE and Oman.
Demand for power is on the rise in Fujairah. The port is already a regional hub for refined products and bunker fuel, the main fuel for use in commercial ships. Only Singapore and Rotterdam are busier as bunkering ports.
Fujairah will soon become an export terminal for crude oil as well. Abu Dhabi, the country’s capital, holds about 7 percent of the world’s oil reserves and is building a 1.5 million barrel-a-day pipeline to export more than half of its crude via Fujairah, starting next year.
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