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Alba gets approval for Line 6 gas allocation
(MENAFN- Arab News) ABU DHABI: Aluminium Bahrain has received approval from the kingdom's government for the gas allocation needed to support its planned sixth production line which is expected to start operating in 2018 a top company executive said on Tuesday.
Alba owner of the world's No. 4 aluminum smelter expects final approval for the gas pricing structure on the line by the end of the year Chief Operating Officer Isa Al-Ansari said at an industry event in Abu Dhabi.
Once secured the scheme will take 36 months to complete meaning production should begin in the first quarter of 2018 Ansari told reporters on the sidelines of the event.
The Line 6 project will add 400000 tons to the smelter's current 890000-ton capacity. The company is ramping up production amid expectations for growing aluminum demand which is already forecast to rise 7 percent this year.
Aluminum supply contracts for consumers in Europe are likely to almost double next year as spot market premiums the cost to get metal immediately rise to record highs on rising demand and supply cutbacks.
Alba's Line 6 project is expected to cost around $2.5 billion. Bechtel Canada was hired in December 2012 to complete the feasibility study for the project while BNP Paribas is the financial adviser.
The company is also interested in buying upstream projects to provide alumina a raw material used in aluminum production Ansari said.
Alba owner of the world's No. 4 aluminum smelter expects final approval for the gas pricing structure on the line by the end of the year Chief Operating Officer Isa Al-Ansari said at an industry event in Abu Dhabi.
Once secured the scheme will take 36 months to complete meaning production should begin in the first quarter of 2018 Ansari told reporters on the sidelines of the event.
The Line 6 project will add 400000 tons to the smelter's current 890000-ton capacity. The company is ramping up production amid expectations for growing aluminum demand which is already forecast to rise 7 percent this year.
Aluminum supply contracts for consumers in Europe are likely to almost double next year as spot market premiums the cost to get metal immediately rise to record highs on rising demand and supply cutbacks.
Alba's Line 6 project is expected to cost around $2.5 billion. Bechtel Canada was hired in December 2012 to complete the feasibility study for the project while BNP Paribas is the financial adviser.
The company is also interested in buying upstream projects to provide alumina a raw material used in aluminum production Ansari said.
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