South Korean EPC contractor GS Engineering & Construction’s subsidiary GS Inima has commenced work on the Barka 5 Independent Water Plant in Oman.
The seawater desalination project is being developed with an estimated cost of $1.86bn (KRW2.4tn).
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The plant will be able to desalinate 100,000m3 of water each day.
Out of the $130m required for construction of the facility, GS E&C will procure 70% from the Export-Import Bank of Korea, and 30% from KEB Hana Bank, reported Korea Herald.
The project, which is being implemented on a build-own-operate (BOO) model, is anticipated to start operations in 2024.
Besides financing and construction, GS Inima will operate the plant for 20 years under this BOO model.
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By GlobalDataThe firm is expected to make a revenue of $54m (KRW700bn).
GS Engineering & Construction official was quoted by The Korea Herald as saying: “The full-fledged Oman Barka project will serve as an opportunity to expand our technology not only in the Middle East but also in Asian market.
“The water treatment project is GS E&C’s future growth engine and representative eco-friendly project, and will solidify our status as a global leader in this field.”
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Image: The plant will be able to desalinate 100,000m3 of water each day. Credit: 后园 卓 from Pixabay.
