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FinancialNews


  • 18-10-10

    Sumitomo, Korea Electric Power win Abu Dhabi deal

    (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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