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HSBC to fund Lebanon’s Zouk and Jiyeh power plants rehabilitation

 
 

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Bank Audi Research, 28 December 2012

HSBC Bank won a tender to carry out maintenance work at Zouk and Jiyeh power plants instead of providing the funds from the State's treasury, as per newswires.

According to the newspaper, the tender that was issued by the Ministry of Energy is aimed at rehabilitating the two power plants that will be able to produce additional 272 megawatts at the cost of around US$ 350 million. Two companies Danish BWSC company, a global turnkey developer, contractor and operator of tailored medium to large-scale power plants, and the German MAN Group -Maschinenfabrik Augsburg- Nürnberg-, will work on rehabilitating the plants within 18 months maximum.

Previously, Lebanon met the required costs to Turkish power company Karadeniz after a long delay, which will send two power-generating vessels to help provide 700 megawatts of electricity for a period of three years. The first vessel is expected to arrive in April 2013, and the second would arrive in June 2013. The three-year contract should help make up for the power shortage that will be caused by the rehabilitation of the Zouk and Jiyeh power plants.
Lebanon Weekly Monitor – Bank Audi Research
28 December

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