Four commercial bids were submitted on 25 February for the position of financial adviser on the proposed polyethylene (PE) project in Sohar. The proposals are understood to have been tabled by Bank of Tokyo-Mitsubishi, BNP Paribas, Citigroupand a joint bid from Royal Bank of Scotlandand Arab Petroleum Investments Corporation (Apicorp). Bidders say that they are expecting to be called for clarification meetings with the project sponsor, Oman Oil Company (OOC), in mid-March.
The estimated $2,000 million project will see the construction of an ethane cracker serving three downstream units producing low-density PE, high-density PE and linear low-density PE with combined capacity of about 900,000 tonnes a year (MEED 6:2:04).
It is understood that OOC is looking to bring in a foreign partner. Sources close to the project say that negotiations have reached an advanced stage with a major US player.
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