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A coal-fired power plant worth US$408mn will be constructed by Utico Middle East and coal power company Shanghai Electric in the UAE emirate of Ras Al Khaimah (RAK)
An agreement was signed in RAK between Rashid Mehran Al Baloushi, chairman of Utico Middle East, and Han Youtian, vice chairman of Shanghai Electric, for the construction of the power plant, which will generate 270MW of power and has been slated for completion in 2015.
Ruler of RAK, Sheikh Saud bin Saqr Al Qassimi, stated that one of the prime focuses of the project would be on aiding the development and economic growth of the region, while creating jobs and opportunities for the people.
Qassimi added that the project, which will utilise clean coal fired technology, was also expected to lower power tariffs in the emirate.
Richard Menezes, managing director and executive vice chairman of Utico Middle East, described the project as a milestone development.
"Clean coal-fired energy is acknowledged to be even cleaner and greener than gas-reliant energy. By deploying Shanghai Electric's superior energy-efficient and tried and proven technology for the plant, we are confident of reducing Flue Gas Desulphurisation and carbondioxide emissions almost to zero," he explained.
As per the terms of the agreement, Shanghai Electric will be equity partners in the project as well as provide the knowhow and technology, while Utico Middle East will be joint equity partners alongwith several investors. Utico and Shanghai Electric will also operate and maintain the project.