Alba seals $450 million export credit finance package
Aluminium Bahrain (Alba) has sealed a $450 million Export Credit finance package for the construction of Alba's Line 5 Expansion Project.
The Export Credit agreement signed with HSBC and BNP Paribas granted Alba a loan that will be used to fund the construction of the Line 5 Project. This financial package has been guaranteed by the two countries that export to Alba, namely Switzerland and France.
"From the total amount, $300 million will be dedicated towards the construction of the project's new Power Station and the remaining $150 million will be used to fund other projects including the new Casthouse 3" explained Alba's Chief Executive, Bruce Hall.
Alba, established in 1971, is one of the largest aluminium smelters in the world, with a production capacity exceeding 500,000 tons per year. The company has a carbon department and a 1,500 mega watt power plant. A 450,000 tons per annum coke calcining plant is also in operation at the company's marine terminal.
Alba's Line 5 Expansion, due for completion in February 2005 will expand the company’s annual production by a further 307,000 tons per annum. At a total cost of $ 1.7 billion, the expansion will create an estimated 500 jobs and will include a new power station, carbon, casthouse and other facilities. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
