| Country |
: |
Saudi Arabia |
| Project Value |
: |
USD 100,000,000 Estimated |
| Sector |
: |
Industry | Aluminium |
|
PMC |
: |
Fluor Arabia Limited
|
|
Contractor |
: |
Samsung Saudi Arabia Company Limited
(EPC) |
| Profile Type |
: |
Contract Project
|
| Associated Projects |
: |
Contract (10) |
|
Phase:
EPC - Execution
|
|
Completion: 2013
|
|
|
|
| Background |
Maaden Aluminum CompanyMaaden Aluminum Company (MACMAC) plans to build a steam host facility as part of the Aluminum Complex, located in the Minerals Industrial City at Ras Al Zour on the east coast of Saudi Arabia.
The facility will be built at the 1.8 million t/y alumina refinery which is part of phase 2 of the aluminum complex.
Fluor ArabiaFluor Arabia is the overall PMC. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Nov 2012 |
EPC | Construction expected to start
|
| 2013 |
Completion | Project expected to be completed
|
|
| Latest Events |
In April 2012, engineering works were ongoing.
In November 2012, construction is expected to start.
In 2013, the project is expected to be completed. |
| Previous Events |
In January 2012, engineering works started.
In December 2011, the EPC contract was awarded to Samsung Saudi Arabia Company Limited.
In November 2011, bids for the EPC contract were under evaluation.
In Q3 2011, bidders submitted their proposals for the EPC contract.
In June 2011, the ITB for the EPC contract was issued. |
| Scope of Work |
Construction of a steam host facility including:
-Installation of boilers and other steam generating equipment |
| Financing Source |
Riyad BankRiyad Bank and Standard Chartered BankStandard Chartered Bank are the Financial Advisers.
In November 2011, MaadenMaaden Aluminium Company secured a USD 1 billion from the Public Investment FundPublic Investment Fund for the financing of phase 2.
In October 2011, MaadenMaaden Aluminium Company signed a 16-year financing deal. The deal includes conventional and Islamic allocations totaling USD 991.5 million with 13 local and international banks including National Commercial BankNational Commercial Bank, Riyad BankRiyad Bank, Saudi French BankSaudi French Bank, Al-Rajhi BankAl-Rajhi Bank, Samba Financial GroupSamba Financial Group, Alinma BankAlinma Bank, Arab National BankArab National Bank, Saudi British BankSaudi British Bank (SABB), Bank AlJaziraBank AlJazira, Saudi Hollandi BankSaudi Hollandi Bank, Saudi Investment BankSaudi Investment Bank, Emirates BankEmirates Bank and Export Development Canada. The remaining SAR 4.35 billion (USD 1.16 billion) will be secured by the Public Investment FundPublic Investment Fund and the Saudi Industrial Development FundSaudi Industrial Development Fund.
In July 2011, a banking group for the financing deal was formed and pricing on the USD 1 billion commercial bank tranche was decided. The formed banking group includes local Saudi lending banks and international banks as well.
In mid June 2011, banks submitted their confirmation and commitment letters to MaadenMaaden regarding the financing deal for the project (extended from 8 June 2011).
On 7 May 2011, banks received the information package details of the financing plan.
In May 2011, MaadenMaaden launched the financing process for the project and sent information packages to banks on the financing for the project. The financial scheme will include a USD 2.16 billion debt package made up of USD 1 billion each from commercial banks and the Public Investment Fund (PIF)Public Investment Fund (PIF), and a USD 160 million loan from the Saudi Industrial Development fund (SIDF)Saudi Industrial Development fund (SIDF). The debt will have a tenor of 16 years and will be on a 60:40 debt and equity ratio basis.
In December 2010, preparations to approach banks regarding the financing of the project started. |
| Contract Packages |
| Type |
Project Name |
Contract Value |
 |
MAC - Ras Al Zour Aluminum Complex |
USD 10,800,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Smelter |
USD 5,000,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Smelter - Materials Handling Facilities |
USD 100,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Alumina Refinery |
USD 2,000,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Alumina Refinery - Integrated Digestion and Evaporation Facility |
USD 65,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Calciners |
USD 89,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Refinery - Steel Storage Tanks |
USD 60,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Smelter - Cast House |
USD 350,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Smelter - Potlines (Phase 1) |
- |
|
MAC - Ras Al Zour Aluminum Complex - Aluminum Smelter -Tank Farm |
USD 200,000,000 |
|
MAC - Ras Al Zour Aluminum Complex - Rolling Mill |
USD 2,500,000,000 |
|
| Project News |
|
|
| Schedule | Contract Phase/Phase | Description |
| Jun 2011 |
EPC | ITB issued
|
| Q3 2011 |
EPC | Bidders submitted their proposals
|
| Dec 2011 |
EPC | Contract awarded to Samsung Saudi Arabia Company Limited
|
| Jan 2012 |
EPC | Engineering works started
|
| Nov 2012 |
EPC | Construction expected to start
|
| 2013 |
Completion | Project expected to be completed
|
|
|
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Master Project
Package Project
Contract Project
|
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