The IM is set to be sent out to individual banks, which will be given a minimum of six weeks to submit their proposals. Once the offers have been received, the joint venture and its financial adviser, The Royal Bank of Scotland, are expected to select a lead arranging group for the 10-15-year borrowing. The same procedure was employed by QP on the Qatar Chemical Company (Q-Chem)and NGL-4 financings, concluded in 1999 and 2000 respectively.

Four groups are prequalified to submit EPC bids by late July for the estimated $700 million-800 million contract. They are Germany’s Krupp Uhde, a Japanese group of Chiyoda Corporationand Mitsubishi Heavy Industries, Paris-based Technip-Coflexip, and a group made up of Japan’s JGC Corporation, Italy’s Snamprogettiand US-based Halliburton KBR.

The plant will have a capacity of 34,000 barrels a day.