A second major power plant contract in Oman within two months is giving Doosan Enerbility a stronger foothold in the Middle East, where rising electricity demand is creating opportunities beyond the Korean company’s better-known nuclear and small modular reactor businesses.
Doosan Enerbility said Friday it secured a contract worth about KRW 930 billion ($680 million) to build the 1.7-GW Misfah combined-cycle gas power plant in Oman, about 20 kilometers west of Muscat. The project is scheduled for completion in April 2029.
The deal follows a KRW 530 billion contract secured in June for the 870-MW Duqm combined-cycle power plant in Oman. Together, the two projects represent roughly KRW 1.46 trillion in contracts and about 2.57 GW of generating capacity.
EPC Plus Equipment Gives the Oman Deals Added Weight
What makes the Oman orders notable is not simply their size.
For both projects, Doosan is participating in engineering, procurement and construction, or EPC, alongside SEPCO-3 while also supplying major equipment manufactured by the company, including steam turbines and generators. That combination gives Doosan exposure to both the construction and equipment sides of large-scale power infrastructure projects.
That model could become increasingly important as Doosan seeks to distinguish itself from contractors competing primarily on construction costs.
Middle East Becomes a Bigger Part of the Order Book
The Misfah contract adds to a string of recent power projects across the Middle East.
Doosan has secured projects in Saudi Arabia and Qatar in recent years, including the Rumah 1, Nairyah 1 and PP12 combined-cycle projects. In June this year, it also won an approximately KRW 840 billion EPC contract for the second phase of Saudi Arabia’s Jafurah cogeneration plant.
The two Oman contracts suggest that experience is beginning to translate into repeat business across neighboring markets.
The Misfah project was awarded by a developer consortium comprising Qatar’s Nebras Power, the UAE’s EUDC and Oman’s Bahwan Infrastructure Services. Doosan said its track record in Saudi Arabia and Qatar contributed to securing the latest order.
For Oman, the new generating capacity is intended to help meet electricity demand and strengthen the stability of the country’s power supply.
For Doosan, however, the strategic significance extends further.
Each additional EPC project provides an opportunity to place its own steam turbines and generators in overseas power plants, expanding the installed base for its equipment and potentially creating longer-term opportunities in maintenance and services.
Gas Power Fills the Gap Between Today and the Nuclear Future
Investor attention around Doosan Enerbility has increasingly focused on nuclear power and SMRs. Yet conventional power infrastructure remains an important part of the company’s current global order pipeline.
Gas-fired combined-cycle plants occupy a particularly important position in markets where electricity consumption is growing rapidly while renewable generation is also expanding. Their ability to provide dispatchable generation makes them useful for balancing power systems with increasing amounts of intermittent renewable energy.
That creates a different growth timeline for Doosan.
Nuclear and SMR projects can shape the company’s long-term growth expectations, but large gas-fired projects can generate substantial EPC and equipment orders in the nearer term.
The Oman contracts illustrate that balance.
From Individual Contracts to a Repeatable Middle East Model
By securing Duqm and Misfah in quick succession, Doosan is demonstrating that its Middle East strategy is no longer centered on winning isolated projects. It is increasingly building a repeatable model that combines EPC capabilities with its own power-generation equipment.
“Our proven project execution capabilities in neighboring Middle Eastern countries such as Saudi Arabia and Qatar, along with our differentiated strategy, led to this contract,” said Lee Hyun-ho, head of Doosan Enerbility’s Plant EPC Business Group.
The next question is whether Doosan can turn the momentum in Oman into a broader regional pipeline.
If it can, Middle Eastern gas power could provide a significant bridge between the company’s traditional power-generation business and the longer-term growth expected from nuclear and SMRs.
