PA PM lays foundational stone for first power plant in West Bank

26 Nov 24 Nov, 2016

The cornerstone was laid for the West Bank’s first power plant near Jenin Industrial Zone, Israel. The Palestine Investment Fund (PIF), the PA’s sovereign wealth fund, and major Palestinian businesses such as Padico, Bank of Palestine, and others have teamed up to build the plant, which will cost an estimated $600 million. The PIF and its private sector partners are currently reviewing the bids of six international companies to build the plant and plan to announce the winning bid in January 2017. Construction of the plant will take some 30 months. The plant will run on natural gas from the Gaza Marine offshore gas field, which reportedly contains 3 trillion cubic feet of natural gas.

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