Sumitomo of Japan Wins Order to Build Desalination Plant in Oman
Sumitomo Corp. (8053) won an order from the state-owned Oman Power and Water Procurement Co. to build a desalination plant in Oman with Malakoff Corp. Berhad of Malaysia and Cadagua SA of Spain.
The plant, scheduled to start operations in September 2014, will supply water for daily use equivalent to the amount consumed by about 800,000 people, the Japanese trading company said in a statement today.
The project is expected to cost as much as 30 billion yen ($377 million) and is planned to be funded by Japanese financial institutions through project financing, it said.
Sumitomo and Malakoff, an independent water and power producer, will each have a 45 percent stake in the project company, according to the statement. Cadagua will build the plant with VA Tech Wabag Ltd. (VATW), an India-based water engineering company in which Sumitomo has a stake, it said.
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