The two petrochemicals projects are expected to reach financial completion in early and late May respectively, concluding a protracted financing process that began in the third quarter of 2007.

The NCP deal to raise $1.8bn in debt to finance a $5bn petrochemical project at Jubail began in September 2007, while the $10bn Kayan project has also been in the market since September (MEED 17:1:08).

Bankers working on the $6bn debt package for the Kayan deal have been expecting it to close since March, but hit problems finalising a loan from the Public Investment Fund (PIF). They say they are now optimistic that the deal can reach a conclusion in the next four weeks.