ADNOC issues RFP for Ruwais financing

04 May 2006
The request for proposals (RFP) was issued to banks on 25 April for a corporate financing for Abu Dhabi National Oil Company (ADNOC). The funds raised will be used to finance the expansion of the Ruwais petrochemical complex of Abu Dhabi Polymers Company (Borouge) and, depending on the response, other ADNOC projects.
ADNOC is looking for $3,500 million-5,500 million, with a tenor of five or eight years. Banks have been asked to submit indications of in-principle interest by 3 May, either of take-and-hold or underwriting positions. Interest is requested in commitments of $50 million, $100 million or $150 million or more.

ADNOC will decide on the final amount and tenor depending on the responses and pricing offers. The RFP is understood to have been sent out to a wide range of local, regional and international banks. It follows the decision by ADNOC to fund the Ruwais project on a corporate rather than a project finance basis (MEED 21:4:06).

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