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FINANCIAL NEWS
Oman’s ACWA to raise USD15m for new water facility
28 Aug 2012
(MENAFN) Oman’s utility ACWA Power Barka, a unit of Saudi Arabia’s Acwa Power International, plans to secure USD15 million loan to boost its water desalination capacity, Reuters reported.
The company will use the loan to build a water plant with daily capacity of 10 million gallons in the northern town of Barka, an addition to its existing desalination plant.
In July, it was reported that company expected the new facility to be operational by the end of 2013.
Acwa Power International owns 58 percent of ACWA Power Barka after buying a shareholding in 2009.
Oman Power and Water Procurement Co estimated water demand in Oman, excluding Salalah, to increase by 5 percent annually through 2018.
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