The $5bn refinancing of the Dolphin Gas project is on schedule for launch in early 2009, despite the current difficult market conditions, according to sources close to the scheme.
The deal is expected to require debt of at least $3.5bn but an existing group of banks is already supporting the project.
Bankers say they expect it will be easier to raise financial support.
The financing is for the Dolphin pipeline to transfer gas from the North field in Qatar to Al-Taweelah in Abu Dhabi and onto Oman.
The current financing package matures in the middle of 2009.
“We are reasonably confident in securing the financing. Dolphin is now operational and has an existing bank group so that all bodes well in the current market,” says a source close to the project.
The original financing, which was done in 2005, was supported by regional and international banks. These included HSBC, Calyon, Mizuho, BNP Paribas, Abu Dhabi Commercial Bank, Barclays Capital, First Gulf Bank, Qatar National Bank, WestLB, Arab Bank and Arab Banking Corporation.
Royal Bank of Scotland was appointed as financial adviser on the refinancing in May.
Sullivan & Cromwell was appointed legal adviser in September.
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