Musandam Power Company, a joint venture between Oman Oil Company (OOC) and LG International, has laid the foundation stone for a power plant at Tibat in Musandam Governorate of Oman, a report said.

The Musandam Independent Power Plant (Musandam IPP) is worth RO130 million ($336 million), repoted the Oman Observer.

“This is a significant step for Oman Oil Company as we continue to expand our projects locally, which have been instrumental to generate multi-regional industrial hubs across the Sultanate,” Isam bin Saud Al Zadjali, chief executive officer of OOC was quoted as saying.

“Our strategy comes along with the government’s vision of diversifying the economy resources and support the development plans. This new plant, which is expected to be commissioned by end of 2016, is part of a major integrated development comprising the development of Musandam Governorate,” he added.