Kuwait has decided to sell up to 44 percent stake in the Al Zour and Khiran power projects to investors in the middle of 2020 and early 2021.

Mutlaq Al Sanei, who heads the Kuwait Authority for Partnership Projects, told the media that, “We are in the process of appointing the consultant for the two projects in cooperation with the Central Agency for Public Tenders.”

He pointed out that Kuwait plans to sell at least 26 percent stakes in each power project and not more than 44 percent.

With oil price fluctuating, the Gulf country wants to save money and has adapted to the increasing trend of inviting private ownership into the country’s energy projects. Mutlaq Al Sanei recently confirmed Kuwait’s plans to begin the IPO of shares for the Az Zour North Independent Water and Power Project on October 1.

According to reports, the Kuwait Authority for Partnership Projects will sell its stakes in the Az Zour North Independent Water and Power Project to Kuwaiti citizens.

However, the Kuwaiti government is yet to reveal how it will sell stakes in the Al Zour and Khiran power projects or whether there will be an IPO.

Kuwait aims to produce at least 15 percent of its electricity from clean sources by 2030, but, currently, only 0.13 percent of electricity comes from renewables.

Earlier this month, Hong Kong-based oil and gas explorer United Energy Group has signed an agreement to acquire Kuwait Energy, an upstream oil and gas company engaged in exploration, appraisal, development and production activities in the Gulf region, for around $650.85 million.