Yemen Sugar Company to be established in Aden Free Zone
Yemen’s Arkel Sugar recently announced that the development of its new sugar refinery and power plant is moving forward as planned. The new Yemen Sugar Company (YSC) will produce and market refined sugar and electricity for the local market. YSC is expected to produce 660 tons of refined sugar per day and produce 21 mega watts of electricity.
The feasibility study prepared by Arkel for project investor Adair International indicates that the project has the potential to be a profitable operation. To be located in the Aden Free Zone, the project is budgeted to cost $71.2 million and requires 20 months for construction.
Approximately 50 percent of the funds will be required for long term financing, 35 percent for equity and 15 percent on a revolving line of credit. The project’s investor consortium includes Arkel, Adair International, local financiers and is seeking project partners from the international market to compliment their equity participation. — (menareport.com)
© 2002 Mena Report (www.menareport.com)