Commenting on this milestone, Alba’s Chairman of Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“Securing the Export Credit Financing for Power Station 5 and Power Distribution System 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.”
JPMorgan Chase Bank, N.A. is acting as the ECA coordinator to assist the Company in arranging the ECA facilities. Further information will be provided in due course.
Expected to start metal production in early 2019, Line 6 Expansion Project will boost the per-annum production by 540,000 metric tonnes upon its full ramp-up, bringing Alba’s total production capacity to 1,500,000 metric tonnes per annum to make Alba the world’s largest single-site aluminium smelter.
Aluminium Bahrain B.S.C. (Alba) - one of the largest and modern aluminium smelters in the world - is renowned for its premium grade aluminium products, technological strength and innovative policies, strict environmental guidelines and high track record for safety. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 970,000 metric tonnes per annum of the highest grade aluminium, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium.
Alba is listed on both the Bahrain Bourse and London Stock Exchange, and the Company’s shareholders are Bahrain Mumtalakat Holding Company (69.38%), SABIC Industrial Investment Company (20.62%) and the General Public (10%).
About Line 6 Expansion Project:
Alba’s Line 6 Expansion Project is one of the largest brownfield developments in the region. Expected to begin production by early 2019, this Project will boost the smelter’s per-annum production by 540,000 metric tonnes, bringing its total production capacity to around 1.5 million metric tonnes per year.
With a CAPEX of approximately US$ 3 billion, the Line 6 Expansion Project involves the construction of a sixth pot line utilising EGA’s proprietary DX+ Ultra Technology, a 1,792 MW power station and other industrial services.
Bechtel is the EPCM contractor for the Line 6 Expansion Project smelter. For Power Station 5 (PS 5), GE and GAMA Consortium was awarded the EPC contract, while Siemens is the Power Distribution System contractor. J.P. Morgan Limited, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors for this Project.
The Bankable Feasibility Study was completed by Bechtel in December 2014. In June 2015, Alba Board approved the Line 6 Expansion Project and in November 2015, Alba secured the natural gas supply for this Project.
The Line 6 Expansion Project will make Alba the world’s largest single-site aluminium smelter and be a significant economic boost for the Kingdom of Bahrain due to the many co-investment opportunities through local and foreign aluminium investments.
For further details, please contact:
Manager – Investor Relations &
Investor Relations & Public Relations Department
Tel: (973) 1783 5100 (direct)
Fax: (973) 1783 3822
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© Press Release 2017