Marubeni Wins Fujairah 2 Power and Water Project in the United Arab Emirates.Tokyo, Japan, Aug 2, 2007 - (JCN Newswire) - Marubeni Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 8002) has successfully won the right to build, own and operate Fujairah 2 power and water project in the Emirate of Fujairah in the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. (U.A.E.). The 20-year power and water purchase agreement ("PWPA PWPA Power and Water Purchase Agreement PWPA Professor's World Peace Academy ") was officially signed with Abu Dhabi Water & Electricity Authority ("ADWEA ADWEA Abu Dhabi Water & Electricity Authority ") on August 1, 2007. Marubeni formed a consortium with International Power plc ("IPR") for the international competitive bid solicited by ADWEA in April 2007 and has negotiated with ADWEA since it was nominated to the 1st ranked bidder in June 2007. With a total project cost of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.8 billon bil·lon n. 1. An alloy of gold or silver with a greater proportion of another metal, such as copper, used in making coins. 2. An alloy of silver with a high percentage of copper, used in making medals and tokens. , inclusive of the costs of constructing power generation and seawater desalination desalination or desalting Removal of dissolved salts from seawater and from the salty waters of inland seas, highly mineralized groundwaters, and municipal wastewaters. plant, it is the largest newly constructed independent water and power projects ("IWPP IWPP Independent Water and Power Production IWPP Industrial Waste & Pollution Prevention (Metropolitan Council Environmental Services; Minnesota) ") in the U.A.E.. After the signing of the PWPA, a new project company will be set up with the Marubeni-IPR consortium having a 40% stake and ADWEA retaining a 60% stake. The new project company will conclude negotiations for loan agreements and start the construction in December 2007. Commencement of the commercial operation is anticipated in 2010. Some USD 2.2 billion of the total financing requirement will come from a project finance loan. Marubeni-IPR consortium is negotiating with international commercial banks including Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation (SMBC, Mitsui Sumitomo Ginkō, 三井住友銀行) is a Japanese bank based in Tokyo, Japan. of Japan, Calyon of France and Citibank N.A. of United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . In addition, Japan Bank for International Cooperation The Japan Bank for International Cooperation (国際協力銀行 ("JBIC JBIC Japan Bank for International Cooperation JBIC Japan Biological Informatics Consortium ") is also expected to support this project. The project includes the construction of 2,000MW power and 130 MIGPD seawater desalination plant to be supplied by Alstom of France and Switzerland and Societe International de Dessalement of France respectively. All production capacity will be sold under the 20-year PWPA to the Abu Dhabi Water and Electricity Company ("ADWEC"). Marubeni-IPR consortium will also carry out the operation and maintenance of the plant. The plant will utilize the latest combined cycle power technology and hybrid water desalination technology which combines multiple effect distillation system and reverse osmosis system to maximize efficiency and minimize gas consumption and emission of CO2. The high overall evaluation reflected not only the competitive purchase price of power and water but also Marubeni's global I(W)PP experience and reputation. Marubeni has successively won the right to build, own, operate power and water projects in the Gulf Region from 2004. This project is Marubeni's fourth large-scale I(W)PP project in the region. The United Arab Emirates is one of the most resource-rich countries in the world. It boasts the world's third-largest deposits of crude oil and the world's fifth-largest deposits of natural gas, much of which is exported to Japan. It maintains a high investment rating of Aa2 assigned by Moody's. Since the 1990s, the UAE has been actively promoting private capital projects. Its foreign-backed power and water projects are regarded as ground-breaking transactions in the Middle East. A large number of similar private capital projects are expected to be launched in this region in order to correspond to increasing demand for power and water. Marubeni will selectively pursue the business opportunity which is supported by long term purchase agreement and reliable performance guarantee and expand I(W)PP businesses in the region. Marubeni is expanding I(W)PP businesses not only in the Middle East but also in Asia and America. Marubeni's power assets around the world will become 17,500MW (gross amount) 5,780MW (net amount) including this project. For more information about International Power plc, please visit http://www.ipplc.com/ About Marubeni Marubeni Corporation (TSE: 8002) was established in 1858, and is a core company of Marubeni Group, one of Japan's leading general trading houses. Operations encompass domestic import, export and offshore trade. Activities range from the development of natural resources to the retailed marketing of finished products. For the past several years, the Marubeni Group has been establishing and enhancing its worldwide information and communication business. The Marubeni Group focuses on creating "value chain" from upstream to downstream, encompassing a wide variety of business fields, including oil & gas, metals, mineral resources, foods, pulp & paper and chemicals, among others. For more information, please visit www.marubeni.com. Source: Marubeni Contact: Marubeni Corporation Corporate Communications & Investor Relations Department Tel: +81-3-3282-2420 Fax: +81-3-3282-7166 Japan Corporate News Network. All rights reserved. |
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