Woori Bank to arrange $3.7 bn for Qatar desalination, power plant

South Korea's Woori Bank said on Tuesday it will arrange the Qatar Ras Abu Fontas desalination and power plant project, estimated to cost $3.7 billion.

The project involves the construction of a 2.4GW gas-fired combined-cycle power plant and a desalination facility with a daily capacity of 500,000 tons near Doha, Qatar.

The output will be sold to the Qatar General Electricity and Water Corporation (KAHRAMAA) under a 25-year agreement.

Last month, KAHRAMAA selected a consortium led by the Korea Overseas Infrastructure & Urban Development Corporation (KIND), Korea Southern Power Co., and Sumitomo Corp. as the preferred bidder through an international competitive tender.

The project agreement was finalized the previous day.

Woori Bank, in partnership with the Export-Import Bank of Korea (Korea Eximbank) and the Korea Development Bank (KDB). 

The bank will utilize its branches in Hong Kong, Bahrain, and Dubai to success this project. 

The project represents Woori Bank’s largest financial support to date by a private bank.

Samsung C&T will oversee the engineering, procurement, and construction (EPC) of the Qatar Ras Abu Fontas desalination and power plant project. 

Write to Bo-Hyung Kim at kph21c@hankyung.com