Doosan Enerbility Wins 530 Billion Won Oman Gas Power Plant Contract, Targets Further Middle East Growth

The Quick Take

• Doosan Enerbility and KWPE consortium secured a 530 billion won contract to build an 870MW gas combined-cycle power plant in Oman's Duqm Special Economic Zone.
• The company will manufacture and supply core equipment including steam turbines and generators, with project completion targeted for 2029.
• The Oman win expands Doosan's Middle East footprint after a previous 840 billion won contract win in Saudi Arabia, signalling sustained regional demand.

Doosan Enerbility's 530 billion won contract win for the Oman Duqm gas combined-cycle power plant represents a significant expansion of the company's Middle East infrastructure presence. The 870MW facility, located in Duqm's Special Economic Zone approximately 550km south of Muscat, will serve Oman's growing southern region electricity demand. Doosan's role as both the EPC contractor — in consortium with SEPCO-3 — and the manufacturer of core equipment including steam turbines and generators is a vertically integrated position that delivers higher margin capture compared to pure construction contracts.

The contract structure and consortium composition reflect the complex multi-lateral infrastructure financing common in the Gulf region. The development consortium includes Korea Western Power, Qatar's Nebras Power, UAE's Etihad Water and Electricity, and Oman's Bahwan Infrastructure Services — a mix of Gulf sovereign capital alongside Korean industrial expertise. This model of Korean engineering capability combined with regional sovereign funding creates a replicable template that Doosan is actively expanding, as evidenced by the sequential wins across Oman and Saudi Arabia in recent years.

Investors should watch whether Doosan can convert the Duqm project experience into additional contract opportunities in Oman and neighbouring Gulf states where large power infrastructure pipelines remain active. The 2029 completion target creates a multi-year revenue recognition runway that adds earnings visibility to Doosan's heavy equipment division. The broader macro watch point is whether Gulf states' infrastructure spending programmes — underpinned by oil revenue budgets — remain intact if oil prices sustain their decline from the Iran deal-driven drop, which could reduce sovereign fiscal capacity for new tenders.

Synthesized from 2 sources.