Bahrain’s Alba to secure $400m for Line 6 Expansion
The Bahraini giant expects "another $300m to $400m" of funding by Export Credit Agency to be closed by the end of Q3, "which will fully secure Line 6 financing"
Funding for Aluminium Bahrain's (Alba) Line 6 Expansion Project will be fully secured by the end of Q3 2017.
The Bahraini aluminium smelter has already secured a tranche by Export Credit Agency (ECA) worth $700m (BHD264m).
Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman of Alba's board of directors, outlined the next phase of funding for the project.
"We expect another [$300m to $400m] (BHD113.1m to BHD150.8m) of ECA-covered financing to be closed by the end of the third quarter, which will fully secure Line 6 financing."
Shaikh Daij's announcement was made at the second quarterly meeting for 2017, held by Alba on Thursday, 25 May.
He added: "I would also like to thank the Alba team for the significant progress in restoring reduction Line 5, and we look forward to fully resuming Line 5 production [...] safely and as soon as possible."
Updates about safety, financial performance, power outage, Project Titan – Phase 2, and industry trends were provided during the meeting, in addition to details of Line 6 Expansion Project's progress.