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 60:40 joint venture of ADNOC and Borealis. HSBC is acting as financial adviser (MEED 31:3:06).