Inter Rao has 20 subsidiaries in 14 countries. The two companies have seen a big future in power generation in the region (The GCC countries will invest $160 billion to develop 180GW of new capacity by 2019, and Iraq alone is expected to rebuild 14-16GW of capacity in the next five years at a cost of $25 billion).
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Crescent Investments, a wholly owned subsidiary of the Crescent Group of companies, and Inter Rao UES, one of Russia's leading power generation and operating companies, have announced the signing in Abu Dhabi of a Strategic Cooperation Agreement (SCA), by and between Badr Jafar, CEO of Crescent Investments and Executive Director of Crescent Petroleum, and Boris Kovalchuk, CEO of Inter Rao UES, reflecting a shared determination to jointly expand their activities in the Middle East and North Africa (MENA) region, one of the world's most lucrative markets for investments in power generation.
Inter Rao is one of Russia's fastest growing power suppliers and has major distribution assets both inside and outside Russia. Crescent Investments, a subsidiary of the Crescent Group of companies, has interests and experience in various industries, including ports and logistics, aviation, healthcare, mineral processing and private equity. Crescent Petroleum, another wholly-owned subsidiary of the Crescent Group, has been operating as a regional upstream and midstream oil and gas industry player for over 40 years.
These two companies have seen a big future in power generation in the region, with consumption in the MENA growing by double digits per year. Governments are pouring enormous amounts of capital into generation facilities to keep up with demand, including the region's second wave of IPP projects. The GCC countries alone will invest US$160 billion to develop 180GW of new capacity by 2019, and Iraq alone is expected to rebuild 14-16GW of capacity in the next five years at a cost of $25 billion.
Badr Jafar, CEO of Crescent Investments, sees the right partnership as crucial to grasping these opportunities:"Working with Inter Rao is an important partnership for Crescent Investments, enabling us to catalyze private sector development of downstream gas utilization, supports our affiliate GASCITIES Ltd, and furthermore strengthens our already burgeoning ties with Russian partners in developing the region."
Inter Rao, with subsidiaries of 20 companies in 14 countries worldwide is putting in place an aggressive growth strategy by consolidating its position in commercially-attractive markets in Europe, the South Caucasus, the Far East and Central Asia, and leveraging its local and regional expertise.
Boris Kovalchuk, Inter Rao's CEO, said as much during the signing of the SCA. "For us, this is a key step. With our new and exciting partnership with Crescent, we can broaden our footprint through a series of projects in the MENA region which will be run out of a newly-opened office in Abu Dhabi. With Crescent, and its unmatched history in the region, we have found the right partner to help us continue to grow in this region".
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