American-Turkish delegation to invest in $1 billion electricity project
The three-day visit has been designed to cover a number of investment projects aimed at developing electricity service in Yemen.
The company intends to establish an electricity station with a capacity of 579-1300 MW over the next two years.
Hashim Al-Thawar, regional representative of the American-Turkish PEG said the company is willing to build an electricity station that can operate using diesel, gas or oil, and pointed out that it intends to invest about $1.5 billion in new electricity stations, and developing and modernizing Yemen’s electricity network.
The delegation plans to expediently provide the electricity ministry with a station to cover Sana’a’s electricity shortfall.
The company said it plans to present several attractive offers, options and facilities to hasten the implementation of vital projects to cover Yemen’s needs.
Furthermore, the company has expressed interest in signing a contract with the Yemeni public sector as a fund partner, along with the General Electricity Corporation. An alternative is that the company will implement the project as a sole investor, while complying with Yemeni investment law and regulations.
The foreign company will provide soft offers to pay the value of projects as the project requires funds and facilities that the budget of the government does not have.
The company intends to establish a number of technical institutes in three main Yemeni stations, to be selected by the ministry and the Public Electricity Corporation.
The institutes will train Yemeni cadres to become proficient in the most modern techniques in operating and maintaining electricity projects and stations.
According to the company, these projects will provide the public budget with $1-2 billion annually.