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| Background |
Emirates Aluminium (EMAL), a joint venture of Dubai Aluminium (DubalDubal ), and Abu Dhabi's MubadalaMubadala Development Co. plans to develop, construct, own and operate a 1.4 million t/y smelter complex at Abu Dhabi's Khalifa Port and Industrial Zone.
The complex will be built in two phases. The first phase with around 700,000 t/y capacity will cost USD5 billion and is expected to be operational in 2010, while the second phase will cost approximately USD3 billion.
The raw material for the aluminium smelter, bauxite will be sourced by MubadalaMubadala.
DubalDubal will supply its proprietary DX technology for the plant.
The detailed feasibility, front end engineering and design (FEED) studies and Environmental Impact Assessment study have been completed.
When completed and at full capacity, the new smelter will have a power plant capacity of 2,000 MW. The required gas feedstock for the project is already secured. |
| Current Status |
In November 2008, 20% of phase one EPCM was completed and the second phase was still undergoing a feasibility study. Phase one is due for completion in Q2 2010.
In February 2008, EMAL awarded Prysmian a USD33.4 million EPC contract to supply and install high voltage cables and systems for the facility. The first cable connection is scheduled for Q4 2008, the second cable connection is due in Q1 2010.
In July 2007, EMAL awarded Outotec of Finland a USD137 million EPC contract to supply and install a green anode plant and a spent anode crushing facility for the smelter.
In May 2007, EMAL hosted a groundbreaking ceremony at the plant site and officially announced the awarding of the EPCM contract for the smelter project to a joint venture of Canada's SNC-LavalinSNC-Lavalin and Australia's WorleyParsonsWorleyParsons. The value of the contract is approximately USD300 million. |
| Scope of Work |
Construction of an aluminium smelter complex. |
| Expected Schedule |
| Phase | Schedule | Description |
| Completion |
Q2 2010 | Phase I expected to be completed
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| Financing Source |
On 16 December 2007, EMAL announced that it has closed its USD4.9 billion limited recourse bank financing for its first phase construction.
EMAL received over USD15 billion of commitments for the facilities, which consist of a USD1.8 billion, sixteen year term loan, a USD270 million letter of credit facility and a USD2.8 billion six year equity bridge loan.
Further financing for EMAL of up to USD2 billion is expected to be launched into the credit markets during the construction of the smelter, bringing the total financing to almost USD7 billion.
The investment is being arranged by a syndicate of international and regional banks led by Abu Dhabi Commercial Bank, BNP Paribas, Calyon, Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corporation, Citigroup, Emirates Bank International, Export Development Canada, Export Finance and Insurance Corporation, Goldman Sachs Credit Partners, Mashreqbank and National Bank of Abu Dhabi.
EMAL was advised by Citigroup and Sullivan and Cromwell LLP. |
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| Phase | Schedule | Description |
| Study |
2006 | Feasibility study completed
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| FEED |
Sep 2007 | Completed
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| EPC |
May 2007 | Contract awarded to the joint venture of SNC Lavalin and Worley Parsons for phase 1
- Bechtel
- JV of SNC Lavalin and WorleyParsons
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- JV of SNC Lavalin and WorleyParsons
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| Completion |
Q2 2010 | Phase I expected to be completed
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Standalone Project
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