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).