The project is expected to be financed through equity, a loan from the Saudi Industrial Development Fund and a commercial loan. For the commercial loan, two local bank groups have been formed to bid for the mandate, and are understood to be awaiting final project information from the client. The award of the mandate is expected in the autumn.
The US' UOPis licensing technology for the complex, while kerosine feedstock will be sourced from the Saudi Aramco Shell Refinery Company (Sasref) plant.
US-based Foster Wheeler Corporationwas appointed in February 2002 to carry out the front-end engineering and design (FEED) and project management consultancy for the project. Foster Wheeler's local partner is Radicon Gulf Consult.
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