• Kyodo

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Marubeni Corp. and Chubu Electric Power Co. said Thursday they will invest in a major natural gas-fired power plant project in the Sur industrial area of Oman about 150 km southeast of Muscat, the capital of the Middle Eastern sultanate.

A joint venture formed by the trading firm and utility with local partners will build and operate the 2 million kw plant and sell its output over 15 years to state-run Oman Power and Water Procurement Co.

The plant is scheduled to begin partial operations in April 2013 before full power production commences 12 months later.

The power plant operator, Phoenix Power Co., will be owned 50 percent by Marubeni and 30 percent by Chubu Electric with the remainder held by Qatar Electricity and Water Co. and Multitech LLC, an investment firm in Oman.

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