QEWC Plays Vital Role in Supporting National Economy

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HE Minister of Energy and Industry and Board Chairman Qatar Electricity and Water Company Dr. Mohammed Saleh Al-Sada said the company had played a vital and important role in supporting the national economy, where it succeeded in meeting the steady increase in the demand for electricity and water, which has been accompanied by the rapid pace of economic growth under the wise policy and vision of HH the Emir Sheikh Tamim bin Hamad Al -Thani, and HH the Father Emir Sheikh Hamad bin Khalifa Al-Thani.

Speaking at the General Assembly meeting of the Qatar Electricity and Water Company this evening HE Dr. Al Sada said “the company succeeded in a quarter of century since its foundation, in achieving a distinct positive results at both operational and financial levels a matter which he said strengthens confidence in the continuing and successful investment plans towards more growth and prosperity, whether within or outside the State of Qatar”.

The Company continued its pursuit of excellence in the field of electricity and water to become today one of the region’s largest companies in this sector, noted HE Dr. Al Sada adding and it is still working and making a commendable to realize the aspirations for investment in the electricity and water projects within local, regional and international markets by raising efficiency and improving operational performance through the implementation of new local projects, including expansion of Ras Abu fontas ‘ (a-2) which is fully owned by the Company due to be c completed soon, as well as the construction of a power and water plant in the economic area, besides the construction of a desalination plant and industrial water treatment in Ras Laffan industrial city, and Abu fontas station expansion project (a-3) for water desalination.

In its endeavor to diversify sources of income and investment the Company is the expanding its foreign investment in power and water projects, with balanced steps where it had launched Nebras Power co. of which Qatar Electricity and Water Company owns 60 percent of its shares, HE Dr. Al Sada added.

HE Dr. Al-Sada said that the Company had approved in principle to enter into a partnership with Qatar Petroleum to establish a local company for solar power stations with a capital of QR 500 million as part of proceedings initiated by the Qatar Electricity and Water Company to study entry in a local, regional and global projects to generate electricity through the use of alternative and renewable energy sources, such as solar and wind power, as well as coal, in order to keep pace with the rapid growth of technology and alternative energy production and diversify its sources of fuel in the company’s future projects without relying on gas only.

He noted that the company’s operational and financial performance was distinguished in 2014 with highest level of profit over the past years, with the total revenues of up QR3.5 million and net profits of QR1. 5 million by end of 2014, which reflected of the company’s plans, which rely on optimal exploitation of sources of income in its objectives to develop existing plants and build new projects to increase production in a way that meets the growing demand of water and electricity with growing good profits annually for its shareholders, HE Dr. Al Sada said.

HE Dr. Al Sada noted that the outstanding performance qualifies it to get a credit category “A1” with a stable rating outlook awarded by Moody’s Global this year, a matter which reinforces the company’s position in the global market and among investors, with some projections indicate that the period ahead is full of investment opportunities and “We seek through our trained staff and our outstanding financial position to take advantage of them and using them for the benefit of the company and its shareholders, and we would spare no effort to increase shareholder value through the optimal use of the strategic growth of the company.” , HE Dr. Al Sada underlined.

HE Minister of Energy and Industry and Chairman of the Board of Directors of Electricity and Water Company said that the successes reached by the company would not have been possible without the continued support and wise policy of HH the Emir Sheikh Tamim bin Hamad Al -Thani, the , and his wise government under the HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al -Thani, Minister of Interior towards the private sector.

Source: QNA