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.
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 QISB.QA and the Islamic Development Bank, it said.
Qatar Islamic Bank said earlier 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 mega watts of electricity, covering around 30 percent of the country’s needs.
Reuters
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