Oman has shortlisted seven companies to participate in the bidding process for two power projects under a public-private partnership (PPP) framework, with a total estimated value of OR880m ($2.28bn).

The announcement was made by Nama Power and Water Procurement, the sole procurer of power and water in Oman, as reported by Zawya.

The selected companies will compete in a tender for two independent power projects (IPPs) with a joint capacity of 2.4GW.

12 statements of qualification were received for the 1.6GW Misfah IPP, located in Wilayat Bousher, and the 800MW Duqm IPP, situated in Wilayat Duqm.

The Misfah IPP is based in the Muscat governorate, while the Duqm IPP is in the Al Wusta governorate.

The bidders represent a diverse range of countries, including Saudi Arabia, the United Arab Emirates, Qatar, South Korea and China.

Following a detailed evaluation process, seven of the bidders have been deemed qualified to move forward in the tender process.

These include the Saudi ACWA Power Company, Korea Western Power, Japan’s Marubeni Corporation and Qatar’s Nebras Power.

Both projects are expected to begin commercial operations in the second quarter of 2029.

The Misfah IPP is estimated to cost OM590m, while the Duqm IPP is projected to have a budget of OM290m.

In July 2023, Indian firm ACME Group secured $488.9m of debt facility for its Oman green hydrogen and ammonia project.

The funds were allocated for initiating the first stage of the facility, which will produce 100,000t per year of green ammonia.