The Eur 1,000 million ($1,176 million) financing will be done in two phases. The first phase will consist of a Eur 500 million ($583 million), 12-year export credit tranche and a seven-year, Eur 50 million ($59 million) commercial tranche. The estimated Eur 450 million ($529 million) second phase will also be a blend of Islamic and conventional finance, although the balance is yet to be decided.

South Korea’s Doosan Heavy Industries & Construction Company was awarded the $260 million contract to supply and install 22 heat steam recovery generators in July (MEED 18:7:03). Germany’s Siemens has the Eur 700 million ($792 million) contract to supply 22 gas turbines for the project (MEED 11:7:03).