SANA'A June 26. 2024 (Saba) - The Minister of Electricity and Energy in the caretaker government, Dr. Mohammed Ahmed al-Bukhaiti, met today with a group of Yemeni company officials and investors in the electricity and energy sector.
The meeting, which included the Chairman of the General Investment Authority, Yasser al-Mansour, discussed the necessary procedures to start the investment process in the electricity and energy sector under the Build, Operate and Transfer (BOT) system, and the facilities provided by the ministry to investors in this vital sector.
In the meeting, which was attended by legal expert Abdul Qader Al-Shami, Al-Bukhaiti explained that this meeting is the first before the deadline for submitting the Expression of Interest document from local and foreign investors to participate in financing, implementing, operating, maintaining and transferring ownership in electricity generation projects under the Build, Operate and Transfer (BOT) system No. 1 of 1445 AH - 2024.
He reviewed the procedures that were implemented regarding the investment document under the BOT system, indicating that Law No. 1 of 2009 stipulated the involvement of the private sector in investing in the energy sector, and specified a set of procedures and methods for this purpose with the aim of advancing the electricity sector in Yemen.
He pointed out that the Expression of Interest document is a first step towards advancing the electricity sector, which will be followed by other steps, explaining that the document has national legal references, in addition to its compliance with international requirements and practices, and legal, technical and financial requirements.
He urged businessmen to prepare and submit to express interest.. stressing that the ministry and relevant authorities, with the support of the Supreme Political Council and the National Salvation Government, are proceeding with studied, organized and legal steps to start investing in electricity and energy using the "BOT" system.
For his part, the head of the General Investment Authority, Al-Mansour, stated that there are significant incentives that will be provided to the private sector that has the desire to invest in the electricity and energy sector; with the aim of encouraging local investment and participating in building and renaissance of the country.
Al-Mansour reviewed the most prominent incentives that will be provided to investors; including providing land, facilitating procedures for obtaining the required licenses, in addition to customs exemptions of 100 percent, as well as exemptions in income tax (profits) for ten years, in addition to facilitating the entry of foreign workers who require it.
The head of the General Investment Authority suggested organizing direct meetings via "Zoom" with investors, foreign companies, the leadership of the ministry and relevant authorities to discuss all aspects related to facilitating the investment process and the guarantees required for the workflow.
He pointed out the necessity for investors to submit more than one offer to express interest, and to extend the period of expression of interest if necessary.. stressing that the door will be open to any new proposals for the sake of the national interest.
He stated that the project amounts may be within the Payments Committee, and that there is a trend from the state leadership to provide facilities for investors, and that it will not skimp on providing any exemptions for the sake of the national interest, providing electricity, and serving citizens.
For his part, the expert Al-Shami pointed out that Electricity Law No. "1" of 2009 has paved the way for the private sector to participate in this vital sector, and has defined the methods and patterns in which the private sector can participate, whether in the field of generation or distribution, and has reserved only for the state the field of transmission and control as a sovereign field that no one disputes.
He explained that the "BOT" contracts are long-term.. noting that expressing interest is the first step that confirms the seriousness of the ministry and investors in proceeding with this type of investment.
Al-Shami stressed that the field is still open for investors to express their opinions, comments and suggestions for any projects they deem important, and to develop the expression of interest document to address any shortcomings in the document or its appendices.
The meeting was attended by members of the technical committee for preparing the "BOT" document from the ministry and the relevant authorities.
resource : Saba
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