Kuwait Finance House announced on Sunday a US$1.3 billion venture for establishing a mega complex for production of petrochemical materials, power and water due to be launched in Bahrain by the middle of 2005.
The general manager of the house in Bahrain, Abdel Hakim Al-Khayyat, said at a news conference that the mega industrial venture would be executed within three years, following completion of feasibility studies for the first phase
and obtaining a license from the Bahraini Ministry of Industry, KUNA reported.
Several foreign firms, including General Electric, have confirmed the feasibility of the venture which would boast the producton of 1,000 megawatts of power per hour and 30 million gallons of water per day, in addition to six main chemical materials, including 315,000 of chloride ethylene, 167,000 metric tons of liquefied gas and 44,000 metric tons of benzene per year.
Al-Khayyat indicated that US$400,000 worth of shares would be floated for subscription. The remaining US$900,000 of the overall costs of the venture will be covered by Gulf private and public authorities. (menareport.com)
© 2004 Mena Report (www.menareport.com)
