Financial adviser appointed for CV3 IWPP

15 February 2002

A group comprising Royal Bank of Scotland (RBS)and Gulf International Bank (GIB)has been appointed financial adviser for what could well turn out to be the kingdom's first independent water and power project (IWPP). The IWPP forms part of core venture 3 (CV3) in the gas initiative, which comes under the responsibility of a consortium headed by the Royal Dutch/Shell Groupand including France's TotalFinaElfand the US' Conoco(MEED 30:11:01).

The award of the mandate comes three months after banks were invited to submit proposals. The RBS/GIB team will advise on the most suitable financing model for the IWPP, which is expected to be built in Jubail and have a capacity of 1,100 MW and 75 million gallons a day.

CV3 will be working on the exploration of blocks in the Rub al-Khali zone in the southeast of the kingdom, and the development of gas in the Kidan and Shaybah fields, also in the far southeast. Besides the IWPP, CV3 is proposing the construction of petrochemical capacity. The three core ventures on the gas initiative are due to conclude by 2 March implementation agreements with the government and Saudi Aramco(see Cover Story).

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