Alba closes $246m Line 6 finance deal
Once completed, the Line 6 project will make Alba the world’s largest single-site aluminium smelter
Aluminium Bahrain (Alba) has closed a credit finance agreement to pump $246m (BHD92.7m) into the Line 6 expansion project, one of the region's biggest brownfield developments.
Alba’s will spend the new capital on a green anode plant, gas treatment centres, pot tending machines, an anode bake furnace, and equipment for the Line 6 expansion.
Once completed, the Line 6 project will make Alba the world’s largest single-site aluminium smelter.
The cash injection for the project was supported by an export credit agency (ECA), with the capital coming from a raft of banks including of Citibank, Standard Chartered Bank and Crédit Agricole Corporate and Investment Bank.
Shaikh Daij Bin Salman Bin Daij Al Khalifa, Alba’s chairman of the board of directors, said: “We are extremely pleased with the support received from our banking partners in the ECA-covered facilities.
“Their commitment is a vote of confidence in Bahrain, Alba and its landmark project — Line 6 Expansion Project."
At the end Q1 2018, overall progress on the Line 6 Smelter stood at 49%, engineering at 83%, contracts and procurement at 92%, Power Station 5 at more than 58%, and Power Distribution System at more than 82%.
Meanwhile, the company has been on recruitment drive this year, making five notable appointments.
In came Dr Abdulla Habib Ahmed as the company’s acting chief operations officer. He was joined by Hussain Ebrahim, manager for the carbon maintenance department; Hassan Qader, manager for casthouse maintenance and services; and Fatema Al Mohri, public relations manager.