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FINANCIAL NEWS
Yemen’s AISCO plans $1.6 billion investment
11 Feb 2009
(MENAFN) Yemen-based Arab Iron and Steel Corp (AISCO) has unveiled plans to spend $1.6 billion to turn a plant, which started in 2005 and now sells 100,000 tons domestically, into a regional exporter that makes its own power, Reuters reported.
The company, which is based in Aden’s free-trade zone, plans to increase steel output to 1.5 million tons in the next decade, managing director Ravinder Singh told the news service.
He pointed out that a conventional fuel power plant on site will be expanded and supplied with fuel by tapping marginal gas fields that are not connected to a $4.5 billion LNG export operation in Yemen launched in October with the help of France’s Total.
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