Mitsui & Company announced that its consortium has won a major contract from Oman Power and Water Procurement Company (OPWP) to develop a $2.3 billion power plant project in the sultanate. As per the deal, the consortium - which includes Saudi Arabian power company Acwa Power (Acwa) and Dhofar International Development and Investment Holding Company of Oman - will build a total 3.15-gigawatt gas-fired combined cycle power generation units for Ibri and Sohar-3 power generation projects in the northern region. Demand for electric power in Oman is increasing rapidly because of the economic growth driven by the oil and gas sector.

Mitsui, as the lead investor, has a 50.1% shareholding in the consortium while Acwa Power has 44.9% and Dhofar holds 5%. Under the agreement, Mitsui will operate both plants and sell electric power under a 15-year power purchase pact with OPWP. On completion, these power plants will be supplying 30% of the electricity that will be consumed in the Muscat area, stated Yasunaga.