GULF signed a joint venture Agreement of 326-megawatts-of-electricity gas power plant with Oman Oil Company S.A.O.C, expected to be operated in 2020

On September 6, 2018, Gulf International Holding Pte., Ltd (GIH), a subsidiary of Gulf Energy Development Public Company Limited or GULF under the CEO – Mr. Sarath Ratanavadi, has signed a Joint Venture Agreement of the Gas Power Plant with 326 megawatts of electricity with Mr. Isam Al Zadjali, CEO of Oman Oil Company S. A.O.C. The stock is wholly owned by the Government of Oman. Meanwhile, Gulf International Holding Pte Ltd holds 45% of shares and Oman Oil Company S.A.O.C acquires 55% of shares in Duqm Power Company L.L.C.

Duqm Power Company L.L.C operates Duqm Independent Power& Water Project which is a gas-fired project with an installed power generation capacity of 326 megawatts and an installed water generation capacity of 1667 cubic meters per hour. The plant is located in Duqm Special Economic Zone in Oman. It generates and supplies electricity and water to a large-scale refinery named the Duqm Refinery and Petrochemical Industrial Company L.L.C., with a crude refining capacity of approximately 230,00 barrels per day, within 25 years from the commencement of commercial operation and may be extended by the parties for another 5 years according to the Power and Water Purchase Agreement. Thus, the project is a joint venture between two countries which are Oman and Kuwait. Oman Oil Company from Oman and Duqm Power Company from Kuwait share 50:50 joint investments.