GS Inima starts work on Barka desalination project in Oman

GS Inima starts work on Barka desalination project in Oman

GS Engineering & Construction, a leading Korean EPC contractor, said its key subsidiary GS Inima, has started work on the Barka 5 Independent Water Plant in Oman, following the signing of a finance agreement with Oman Power & Water Procurement Company.

The seawater desalination project, which is being set up at an estimated cost of 2.4 trillion won ($1.86 billion) in Oman, will be able to desalinate 100,000 cu m of water per day.

Of the $130 million that will be needed for building the plant, GS E&C will be procuring 70% of the expenses from the Export-Import Bank of Korea, and 30% from KEB Hana Bank, reported the Korea Herald, citing company documents.

The Barka 5 Independent Water Plant, which is being implemented on a build-own-operate (BOO) model, is likely to start operations in 2024.

Under this BOO model, GS Inima will run the plant for 20 years, along with financing and construction.

The firm - which get its name following the GS E&C's acquisition of Spanish water treatment company Inima in 2011 - is expected to rake in some 700 billion won in revenue, stated the report, citing a company official.

"The full-fledged Oman Barka project will serve as an opportunity to expand our