Banks which offered commitments of more than $150 million have been called back for negotiations by Saudi Aramcoon the financing of the Rabigh integrated refinery and petrochemicals project, a joint venture of Aramco and Japan's Sumitomo Chemical Company. Pricing being discussed is understood to be in the range of 65-75 basis points on the 15-year deal, which will be split between a conventional tranche of just over $1,500 million and a $500 million Islamic portion (MEED 23:9:05).

Japanese banks are prominent among those offering the largest commitments, as a result of the sponsor and the potential for ancillary business. Sumitomo-Mitsui Banking Corporationis the financial adviser. Bids for the $972 million debt package on the $2,500 million expansion programme of Jubail-based Sharq were submitted in late October. Bank of Tokyo-Mitsubishiis the financial adviser (MEED 21:10:05).

Banks received confidentiality agreements in early November for the borrowing to fund Sipchem's phase 2 expansion. The financing is likely to be in the range of $300 million-400 million. Bids have also been invited from banks to participate in the estimated $450 million-500 million funding package for Sahara's integrated propane dehydrogenation (PDH)/polypropylene (PP) plant. HSBCwith local affiliate Saudi British Bankis acting as financial adviser on both deals (MEED 21:1:05).