Palestinian Authority to set up Palestinian Electricity Company
Palestine, Economics, 9/3/1997

The Palestinian Energy Authority (PEA) declared that it will set up the Palestinian Electricity Company with a capital of 100 million dollars, and which will be financed by international and Palestinian companies working outside Palestine.

The director of the PEA, Abdel Rahman Hamad said an agreement was reached with the Contractors Consortium Company, Investment Company of Palestine, Omar Al Akad Company, and the Arab Bank in participation with the Palestinian Authority to finance 55% of the capital of the company.

Hamad added that the company will be registered within the coming two weeks, "We aim to establish a power generation station on the coast of the Gaza Strip." The station will include a desalination station. It will be set up to provide Gaza Strip with water until the year 2010. Then it will be expanded to cover the West Bank.

Lines transferring electricity of 220 volts will provide the Gaza Strip and West Bank with electricity. Constructing this station will be the backbone of the Palestinian economy and a step toward liberating it from dependence on Israel for electricity. The consumption of electricity in the Gaza Strip is 70 megawatts daily. The Palestinian Authority depends on Israel for its electricity.

Previous Stories:
  International Bank gives loan to non-governmental Palestinian organizations   (8/28/1997)
  Egypt hosts a Palestinian stock exchange   (8/13/1997)

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