Sunday / July 21.
HomeMiddle EastBahrain’s Alba secures $700m financing for expansion – Banking & Finance

Bahrain’s Alba secures $700m financing for expansion – Banking & Finance

Aluminium Bahrain, also known as Alba, has announced that it has secured commitments of about $700 million from Export Credit Agency (ECA) supported facilities to finance its Line 6 Expansion Project.

Expected to start metal production in early 2019, Line 6 will boost the annual production by 540,000 metric tonnes upon its full ramp-up, the company said in a statement.

It said the new line will bring Alba’s total production capacity to 1,500,000 metric tonnes per annum, making it the world’s largest single-site aluminium smelter.

Alba’s chairman, Sheikh Daij Bin Salman Bin Daij Al Khalifa, said: “Securing the financing… is a strong vote of confidence in Line 6 Expansion Project. We look forward to work with the Swiss and German Governments as well as with GE and Siemens to progress with Line 6 as per schedule.”

Source link