The Board of Directors of United Power Company (“the Company”) wishes to inform Muscat Securities Market and the investors’ community that in the last AGM, held on 16th February 2020, we had disclosed that the off taker Oman Power and Water Procurement Company SAOC (OPWP) had approached the Company to provide an offer for entering into an ‘Ancillary Services Agreement’ for a term beyond the contractual Transfer Date of 1 May 2020.
After a detailed discussion OPWP has now decided to pursue their right under the PPA for the transfer of plant and staff to its nominee Nama Holding Company on 1 May 2020.
We have initiated all necessary work to process the transfer as per the aspiration of the Government of Oman.
We thank His Majesty, the late Sultan Qaboos bin Said for opening up the electricity sector to the private sector, a first of its kind in Oman and the greater Middle East in 1994, and entrusting it to our Company to build, own, operate and transfer the Manah Plant.
The Company wishes to thank all the stakeholders involved in the Project in making it a success - our associates, suppliers, contractors; and our Operator and the Plant staff, whose diligence and application has led Manah Power Plant to establish records in Health & Safety (zero LTI since inception) that will be an industry standard.
The Company wishes to place on record its gratitude to all Directors, management and staff of the Company, both past and present, for their service.
United Power Company thanks His Majesty, Sultan Haitham Bin Tarik, his Government, the Authority of Electricity Regulation, OPWP, MOG, Statutory entities like MECA, the CMA for the opportunity to serve the community through the Manah Power Plant. The Company is proud to be part of this historical journey in contributing to the security and stability of the Sector.