MANAMA (AFP) - Kuwait Finance House (KFH) Bahrain, a subsidiary of Kuwait's first Islamic bank, announced plans to develop a 1.3-billion-dollar combined petrochemical, power and water generation complex in this tiny Gulf kingdom.
The project, expected to be completed in the first quarter of 2008, is a first for the region and aimed at meeting Bahrain's increasing demands for power and potable water, a statement said Sunday.
A feasibility study has been carried out in conjunction with an international consortium including General Electric (GE) Energy, Weir International and Stone and Webster, it said.
"The project will be financed through a combination of equity and debt of 400 million and 900 million dollars respectively, which the bank will commence in arrangement following the obtaining of the required licences and preparation of the private placement memorandum," it said.
The facility will be capable of providing a total power capacity of 1,000 megawatts per hour and 30 million gallons (136 million litres) of water per day while producing six key petrochemical products, including 167,000 metric tonnes of Liquefied Petroleum Gas (LPG).
The project is also to support Bahrain's "broader economic goals of achieving greater diversification of the economy and downstream development through the expansion of the petrochemicals sector and the creation of numerous opportunities."
Kuwait Finance House has become one of the largest banks in the region with total assets reaching 8.5 billion dollars.
KFH Bahrain was established in October 2002.