Qatar’s Increased Investment in Oman’s Power Sector: Key Implications for Business Growth and Opportunities
MUSCAT, JAN 24 – Qatari energy company Nebras Energy has made a significant advance in Oman’s power sector by securing substantial stakes in two key gas-fired projects awarded by local authorities over the weekend.
Recently rebranded from Qatar Electricity & Water Company (QEWC), Doha-based Nebras Energy now holds a 49% stake in the 1,700 MW Misfah Power Project in the Muscat Governorate and 30% in the 877 MW Duqm Power Project located in Al Wusta Governorate. These projects, awarded by Nama Power and Water Procurement Company, Oman’s sole buyer of electricity and water, will utilize combined-cycle gas turbine (CCGT) technology and be designed to be hydrogen-ready—marking a first in Oman’s energy sector. The total investment for these projects is estimated at around RO 1 billion.
In the consortium for the Misfah Power Project, Nebras Energy’s partners include Emirates Water and Electricity Company, which holds 44%, and Oman’s Bahwan Infrastructure Group with 7%. The Duqm Power Project consortium consists of Emirates Water and Electricity Company (30%), Korean Western Power Co Ltd (35%), and Bahwan Infrastructure Services (5%), in addition to Nebras Energy.
With these recent acquisitions, Nebras Energy has significantly expanded its investment portfolio in Oman’s power sector. Through its fully owned international investment arm, Nebras Power, the company also possesses a 9.9% stake in Amin Renewable Energy Company (AREC), which manages the Project Amin solar plant in Petroleum Development Oman’s concession. Earlier this month, Nebras secured a 9.75% stake in Phoenix Power Company, owner of the 2,000 MW Sur Independent Power Project (IPP).
Founded in 1990, Nebras Energy oversees a diversified portfolio with over 10.6 GW of generating capacity and 541 million gallons per day of desalinated water in Qatar. Its international arm, Nebras Power, manages an extensive array of energy assets across the Middle East, Asia, Africa, and Latin America, encompassing power generation, renewable energy, and water infrastructure.
In parallel, UAE-based Etihad Water and Electricity (EtihadWE) is making its entry into Oman’s power sector with significant stakes in both the Misfah and Duqm projects. Fully owned by the Emirates Investment Authority, EtihadWE has historically concentrated on the Northern Emirates but has recently expanded its operations into Saudi Arabia and Oman as part of its regional growth strategy.
Special Analysis by Omanet | Navigate Oman’s Market
The recent acquisition by Nebras Energy in Oman’s power sector signals robust opportunities for businesses, especially those aligned with energy innovation and hydrogen-ready technologies. As Oman pivots towards sustainable energy solutions, investors and entrepreneurs should explore partnerships in the burgeoning renewable sector and assess the impact of increased foreign investment on local market dynamics. Additionally, the entrance of Etihad Water and Electricity underscores the competitive landscape, presenting both opportunities for collaboration and risks of market saturation.
