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FINANCIAL NEWS
Sumitomo, Korea Electric Power win Abu Dhabi deal
18 Oct 2010
(MENAFN) Sumitomo Corp. and Korea Electric Power Corp. said that they have won priority negotiation rights for the construction and operations of a power plant in the UAE, Bloomberg reported.
The gas-fired power plant, with a capacity of about 1,600 megawatts, will be built in Shuweihat and is scheduled to begin operation in 2013, Sumitomo spokesman Kazuho Enaka said.
Sumitomo will likely hold a larger stake than Kepco in the $1.8 billion project, Nikkei English News reported without citing anyone. Enaka declined to comment on Sumitomo�s stake and the project cost.
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