Mazad, an auction administrator and subsidiary of the Bahrain Mumtalakat Holding Company (Mumtalakat), has announced that the open auction for the Sitra Power and Water Station is scheduled to end at 10 am on May 23 and has encouraged prospective investors to table bids before then.
The site is owned by the Electricity and Water Authority which has collaborated with Mazad in finding a buyer.
The auction began in early February with the bidding starting at BD10,200,000. Whoever purchases the Sitra plant will be responsible for dismantling all of the station's equipment in addition to removing the structures and foundations of the production units and their accessories. They will also be responsible for sourcing the necessary tools and machinery to implement the plant’s disassembly.
The Sitra plant was operational for over 40 years prior to its closure in 2021. The site has highly specialised equipment which could be repurposed including; six desalination distillers with a processing capacity of up to 25 million gallons per day; six steam boilers; four 25 MW capacity steam turbines with generators; a gas turbine with a capacity of 25 MW; two gas reduction stations; numerous pumps, transformers, switches and electrical cables.
Commenting on the auction process, Talal Al Araif, Chief Executive Officer of Mazad, said: ‘We provide our customers with efficient auction services and our user-friendly, digital procedures help us to attract a range of investors from Bahrain and the wider international community. Our services follow the highest standards when it comes to transparency, fairness and competitiveness – facilitating opportunities for all parties interested in bidding on assets. The opportunity to purchase and dismantle the Sitra station, with its various constituent parts, is a unique one for any investor and helps Mazad in its aims of helping the local economy and kick-starting projects that will increase national revenue."
Mazad has invited all investors interested in tabling bids to register on the Arabian Auction website; www.arabian.auction. Alternatively, they can download the mobile phone application by searching for ‘Arabian Auction’ on app stores. Prospective buyers will need to upload certain documentation in order to satisfy the requirements and technical conditions of the project. Following approval and ratification they will then be required to pay for insurance to table a bid, it said. - TradeArabia News Service