The complex will generate one million kilowatts of electricity and process one million tonnes of water a day. A company will be set up to build and operate the complex, with 40% of the capital to be put up by the Saudi government and 20% each by Sumitomo, the private Malaysian power provider Malakoff and a Saudi firm. Sumitomo will be the project leader.
UK-Libya joint venture
London-based private equity firm Klesch has announced the signing of a joint venture with Libya Africa Investment Portfolio that involves investing $8bn to build a 300,000-barrels-per-day oil refinery and a 725,000-tonnes-per-year aluminium smelter by 2011 in Libya.