Shamal Az-Zour Al-Oula Power and Water Company, the first power generation and water desalination company and the first Public-Private Partnership (PPP) project to be listed in Kuwait, said its board of directors has recommended a cash dividend payout of 25 fils per share.
A consortium composed of Saudi Arabia-based utility developer ACWA Power, Kuwait’s Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPCo) signed a contract and agreements with the Oman Power and Water Procurement Company (OPWP) to develop a 500-megawatt solar PV power plant in Ibri, Oman.
The trade volume between Kuwait and South Korea has totaled USD 14 billion in 2018, up by 33 percent, compared to 2017’s, which was divided between USD 12.7 billion as Kuwaiti exports and USD 1.3 billion as South Korean imports.
Kuwaiti exports of crude oil and its derivatives enjoyed the lion’s share of trade exchange with South Korea, especially since the GCC-member state is Seoul’s second-largest energy supplier after Saudi Arabia, said South Korean Embassy in Kuwait on Saturday.
Kuwait plans to launch water desalination projects powered by solar energy on a 63ha plot of land north of Kuwait Bay, according to the director general of Kuwait Institute for Scientific Research, Dr Samira Omar.
The investment plan was revealed on the side-lines of the 13th Gulf Water Conference, held in Kuwait on 12-14 March, 2019. Dr Hamed Al-Azmi, Kuwait’s Minister of Education, said the conference aimed to boost inter-GCC cooperation on water planning projects.
GCC countries, including Kuwait, depend on treated seawater for drinking and irrigation, among other purposes. Water desalination projects are picking up in the region as the countries, focused on future population numbers, seek to bridge the gap between water demand and supply.
GCC states continue to count on desalinating the sea waters and this warrants continuous action for upgrading and nationalizing the desalination technology, in tandem with dedicating attention to scientific research for enhancing the production, trimming the costs and averting adverse impact on the environment, said Minister of Education Dr Hamed Al-Azmi.
Al-Zour North One Power and Water Plant is Kuwait’s first independently owned power and water facility with a current production capacity of 27 percent of Kuwait’s power requirements at peak production (1,539MW) and 35 percent of water generation (107 million gallons per day).
Al-Zour North One Power and Water Plant began operations in November 2016 and is the first stage of the country’s plan to significantly increase its capacity over the coming years as part of a larger effort to meet an anticipated peak demand of 25 gigawatts (GW) by 2025.