Qatar set to raise $2 billion for three development projects
Qatar will be turning to the world banking community during the course of the current year, aiming to raise $2 billion worth of financing for three major development projects, reports Gulf News.
The largest of the projects involves the doubling of the production capacity of the Ras Laffan Liquefied Natural Gas Co (Rasgas), which is expected to cost about $1.4 billion. Qatar Fertilizers Co. (QFC) is also seeking to enlarge its operation, for which it is looking to borrow $400 million. The third project involves the Qatar Electricity and Water Co (QEWC), which will request a $150 million loan to double power output at an electricity and desalination plant.
Rasgas is 70 percent owned by the state's Qatar Petroleum and 30 per cent by ExxonMobil Corp. The firm has embarked on an expansion program, which ultimately will raise its output of liquid natural gas from 6.2 million tons per year to 14.9 million.
Qafco is planning to raise its ammonia output from 3,800 tons a day to 5,800 tons a day, and its urea output from 4,500 tons a day to 7,700 tons a day.
QEWC plans on increasing the generating capacity at its Ras Abu Fontas B power and water desalination complex. Alstom of France will install three new turbines to lift the plant's capacity by 380 megawatt to 910 megawatts. – (Albawaba-MEBG)
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