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Kuwait to sell 44% stake in two power projects

Kuwait to sell 44% stake in two power projects

Kuwait plans to sell stakes of as much as 44 percent in the Al-Zour and Khiran power projects in 2020 and 2021, according to media reports.

“We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders,” Mutlaq Al-Sanei, the head of the Kuwait Authority for Partnership Projects (KAPP), was quoted as saying by Reuters.

In the interview, Al-Sanei said that Kuwait plans to sell at least 26 percent stakes in the projects, but not more than 44 percent.

Additionally, KAPP has announced plans to launch a first phase of a public offering its 50 percent stake in another project, the Az-Zour North Independent Water & Power Project, on October 1.

The project is operated by Shamal Azzour Al Oula, the fist company established as a public-private partnership project and the first in Kuwait to be offered for public subscription.

The public subscription period will be open for Kuwaiti nationals for 60-days ending on November 29, KAPP said in a statement.