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The plant will be developed under a 25 year BOOT basis and will be fuelled by cracked heavy fuel oil, with Arabian light crude oil as back-up fuel. MarafiqMarafiq will own 40 % of the project company; the remaining 60 % will be held by the selected international developer.
The plant's entire output will be sold to a new off-taker company in Yanbu that will be 100% owned by MarafiqMarafiq.
Lahmeyer International is the technical consultant.
The feasibility study was carried out by Mohammed Turki Mott MacDonald.
Current Status
In Q1 2010, the RFP is expected to be issued.
In Q2 2013, In Q2 2013, the commissioning is expected to start, according to the initial schedule.
In 2014, the project was expected to be completed.
Previous Events
In June 2009, MarafiqMarafiq decided to implement the scheme on an EPC basis due to difficulties in funding the project.
In May 2009, MarafiqMarafiq was investigating the possibility of implementing the project on an EPC basis due to difficulties in securing debt financing for the IWPP scheme (especially after the increase in the project's water capacity)
In April 2009, MarafiqMarafiq decided to increase the desalination plant's capacity from 150,000 cu.m./d. to 650,000 cu.m./d.
Scope of Work
Construction of a 1,700 MW light crude fired power plant and a 650,000 cu.m./d desalination plant with related facilities.
Financing Source
HSBC was appointed the financial consultant and coordinator of the advisory group, Allen and Overy is the legal consultant