OREANDA-NEWS. In a signing ceremony attended by His Excellency Sheikh Abdullah bin Nasser Al Thani, the Prime Minister and Minister of Interior, Qatar Petroleum (QP) and Qatar Electricity and Water Company (QEWC) inked a memorandum of understanding to establish a joint company for the generation of electricity from solar power.

Signed by Mr. Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum and Mr. Fahad Hamad Al Mohanadi, the General Manager & Managing Director of Qatar Electricity and Water Company, the MoU paves the way for a 40-60 partnership between QP and QEWC respectively.

H.E. Sheikh Abdullah bin Nasser Al Thani, the Prime Minister and Interior Minister hailed the signing of the MoU between QP and QEWC and stressed the importance of such partnerships in diversifying sources for energy production, and in increasing reliance on renewable sources.

Speaking on the sidelines of the signing ceremony, H.E. Sheikh Abdullah Bin Nasser Al Thani said "Qatar is continuing in its efforts to provide sustainable sources of energy and to help conserve the environment as well as our natural resources, as we implement the environmental pillars of Qatar National Vision 2030, and protect the rights of future generations."

Mr. Saad Sherida Al-Kaabi President and CEO of Qatar Petroleum expressed pleasure at the signing of the agreement saying it enhances QP’s strategic goals to achieve the highest international health and safety and environmental protection standards.

Mr. Al-Kaabi said "QP is aware of its immense responsibility to help preserve the environment, support sustainable development efforts, and ensure the long term optimal utilization of our natural resources; and for that end, we have worked to harness the most efficient technological solutions to meet the environmental challenges of the 21st century."

Mr. Al-Kaabi added that "this MoU to establish a company for the generation of electricity from solar power is a continuation of QP’s environmental commitment demonstrated by various environmental projects, such as the reduction of gas flaring and greenhouse gas emissions, and the Jetty Boil-off Gas Recovery (JBOG) Project. This is in addition to its close association with the pillars of Qatar National Vision which launched and guided by His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar."

Mr. Fahad Hamad Al-Mohanadi, QEWC General Manager & Managing Director, indicated that the signing of the MOU coincided with ongoing global efforts to preserve the environment. He said "while Qatar Electricity and Water Company continues to strengthen its position locally, regionally and internationally, the company is moving forward in diversifying sources of electric power in the State of Qatar through the use of solar energy, particularly amidst expectations of a rising demand for electricity in the coming years."

Mr. Al-Mohannadi stressed that QEWC is continuing its efforts to contribute to Qatar’s water and electricity security and the preservation of the environment. He also pointed out that production of electricity by QEWC and its subsidiaries will rise from about 8,600 megawatts currently to about 11,000 megawatts in the first half of 2018.

It should be noted that the State of Qatar is one of the first Arab Gulf states to diversify its economy by increasing investment in clean and renewable energy sources, especially solar energy, as the best alternative source of energy. The new partnership will focus on investing in Qatar in a manner that helps sustainable development and supports investment in low carbon renewable energy such as solar.