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Abu Dhabi National Oil Company (ADNOC) has made initial approaches to banks on participation in a $3,500 million, 15-year corporate loan to fund the phase 3 development of the Ruwais petrochemicals complex of Abu Dhabi Polymers Company (Borouge). ‘Essentially this is a fishing expedition,’ says an international banker looking at the deal. ‘Borouge is considering whether to do a project or a corporate financing. Some at ADNOC would like it to be done as a guaranteed loan but that raises the question of how [Copenhagen-based] Borealis would guarantee its portion.’ A similar debate was conducted over the financing of the first phase of Borouge’s Ruwais complex. Borouge is a 70:30 joint venture of ADNOC and Borealis. HSBC is acting as financial adviser (MEED 31:3:06).