ADBIC to Set Up Joint Aluminum Smelter with Rio Tinto

London, Nov 19 – Abu Dhabi Basic Industries Corp, the newly industrial holding company said, the company plans to raise $2 billion through bank load to finance the new aluminium smelter project in Saudi Arabia. Abu Dhabi Basic Industries intends to set up the 550,000 joint venture in the Ruwais Industrial Area in Saudi Arabia, the biggest emirate in UAE with Rio Tinto. Jim White, the Chief Executive Officer of Adbic said, the investment in first phase is 5 billion dollars. The joint venture must raise 2 billion dollars. White said, the company plans to raise the fund through long-term debts and syndicated loan. Abu Dhabi set up the industrial magnet such as Adbic in the early 2007, which meant that the Saudi Basic Industries Corp intend to expand into aluminium, steel and petrification industry. He said, the negotiation with Rio Tinto is going on smoothly. If both the companies decide to start the project in 2008, the project is expected to come in stream before the end of 2011, he added. He said, the revenue is expected to reach 5 billion dollars in the first five years in operation.