Bahrain to build huge petrochem plant

A Kuwaiti banking company has announced plans to develop a $1.3 billion combined petrochemical, power and water generation complex in the tiny Gulf kingdom of Bahrain.

    Bahrain has increasing water and power needs

    Kuwait Finance House (KFH) Bahrain, a

    subsidiary of Kuwait's first Islamic bank, said on Sunday the project is a first for the region and is aimed at meeting Bahrain's

    increasing demands for power and potable water.

    The project is expected to be completed in the first quarter of

    2008, according to the company

    .

    A feasibility study has been carried out in conjunction with an

    international consortium comprising General Electric (GE) Energy,

    Weir International and Stone and Webster.

    "The project will be financed through a combination of equity

    and debt of $400 million and $900 million respectively" after

    obtaining the

    required licences, 

    the company said.

    Petrochemical products

    When completed, the facility will be capable of providing a total power capacity

    of 1000 megawatts per hour and 136 million

    litres of water a day.

    It will produce six key petrochemical

    products, including 167,000 metric tonnes of Liquefied Petroleum Gas

    (LPG).

    The project will also support Bahrain's "broader economic goals

    of achieving greater diversification of the economy and downstream

    development through the expansion of the petrochemicals sector and

    the creation of numerous opportunities", the statement said.

    Kuwait Finance House has become one of the largest banks in the

    region with total assets reaching $8.5 billion.

    KFH Bahrain was established in October 2002.

    SOURCE: AFP


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