Banks are expressing interest in financing the $9.6bn Jubail refinery in Saudi Arabia, ahead of the 18 September deadline.

According to a banker close to the project, the early responses indicate that the deal could be oversubscribed. The financing for the $8.3bn of debt required for the project is split between a $1.4bn international bank tranche, a $1.4bn Saudi bank tranche, and a $2.2bn export credit agency (ECA) loan.

The remaining $3.3bn financing will come from ECA loans, and from the Saudi Industrial Development Fund and the Public Investment Fund.

The project is being developed by Saudi Aramco & Total Refining & Petrochemical Company (Satorp), a joint venture company set up to run the Jubail refinery. Satorp is being advised by France’s Calyon and its Saudi affiliate Banque Saudi Fransi.

“From the responses already made the indications are that the deal, especially the Saudi bank tranche, will be well oversubscribed,” says a banker working on the deal.