GCC grid seeks financial adviser

01 November 2002

A select list of financial institutions have been invited to bid for the financial advisory mandate on the proposed scheme for the development of an integrated GCC power grid.

The GCC Interconnection Authority, which is based in Dammam, has asked banks to bid for the mandate by 25 November.

Among the banks expected to submit proposals for the mandate are ABN Amro, BNP Paribas, Citibank, HSBC Investment Bankand JP Morgan Chase & Company.

'This is going to be a very complex mandate,' says one of the interested banks. 'It will involve dealing with six regional governments and extracting transmission from the power equations in some of the countries. A preliminary study has been conducted, but this is a chunky advisory and will require considerable resources.'

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