Qatari state firms agree to invest in solar power

Published 24.12.2015 20:24

State-owned oil and gas producer Qatar Petroleum and utility Qatar Electricity and Water Co. said they had agreed to establish a venture to generate electricity from solar power. A memorandum of understanding signed on Wednesday provides for Qatar Petroleum to own 40 percent of the venture and QEWC the remainder. They did not give details of their solar generation plans. Electricity production by QEWC and its subsidiaries is expected to rise to about 11,000 megawatts in the first half of 2018 from around 8,600 MW currently, the company said. Commercial generation of solar power is rare in the Gulf but oil exporting countries around the region are starting to develop it, citing environmental reasons as well as a desire to conserve oil and gas reserves for export in the future.

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