Qatar closes $3.32bn Ras Laffan plant finance

POWER SURGE: Demand for electricty in Qatar is growing fast. (Getty Images)

Qatar Petroleum has completed the financing for a $3.32 billion power and water plant in the industrial port of Ras Laffan, Qatar's state news agency QNA reported on Sunday.

Bank of Japan for International Cooperation will finance $1.37 billion of the deal, IDC Canada and Germany's KfW $1.39 billion, with $250 million of Islamic financing coming from Qatar Islamic Bank and the Islamic Development Bank, it said.

Qatar Islamic Bank said earlier on Sunday it had closed a $250 million Islamic financing arrangement for the project.

The project, which is expected to be completed by 2011, aims to enhance power production to help meet the Gulf Arab country's growing demand, the bank said in a statement on the Qatar bourse website.

The project will generate around 2,730 megawatts of electricity, covering around 30 percent of the country's current needs. (Reuters)

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM