The shortlist is understood to include: ABC Islamic Bank, Bank Aljazira, Banque Saudi Fransi, Gulf International Bank and Saudi Hollandi Bank (SHB). The tenor of the Islamically structured facility is 14 years. The Public Investment Fund and the Saudi Industrial Development Fund will also extend concessionary finance.

Appointments are now likely to be made on Al-Waha before those on the financing of the Saudi International Petrochemical Company (Sipchem) acetyls plant at Jubail, which is being restructured due to rising capital costs. HSBC with local affiliate Saudi British Bank (SABB) is advising on both deals (MEED 25:11:05).

The other major petrochemicals financing currently in the market is for the Yanbu National Petrochemicals Company (YanSab) complex. Bank bids on the $2,400 million commercial debt package are due by the end of April (MEED 31:3:06).