'Preliminary discussions have been had with predominately Abu Dhabi-based institutions,' says a banker looking at the transaction. 'Dolphin has not asked for underwriting commitments or structuring ideas, but just interest. The understanding is that it will come back to the banks with firm proposals and look to roll a deal together in a couple of weeks. It is looking to raise about $500 million, but there is plenty of flexibility on that figure - it will be driven by appetite.'

The institutions most likely to participate in such a bridge financing are National Bank of Abu Dhabi, First Gulf Bank, Abu Dhabi Commercial Bank and Abu Dhabi Investment Company. If an Islamic tranche is added, Abu Dhabi Islamic Bankwould most likely be involved. Qatari bankers say they have not been invited. It is understood that some international banks with a strong presence in the UAE are taking a close interest in the transaction.

Dolphin is understood to be at an advanced stage of negotiations with Japan Bank for International Co-operation (JBIC) for what it hopes will be the baseload tranche of financing for the project. The agreement will be underpinned by Japanese offtake of a substantial proportion of the 60,000-70,000 barrels a day of condensates and liquefied petroleum gas (LPG) that will be produced from Dolphin's gas processing facilities in Ras Laffan (MEED 10:10:03).