Groups form for Sohar IWPP

19 December 2003
Prospective bidders for the proposed independent water and power project (IWPP) at Sohar have been gathering bank groups behind them in preparation for the 22 March bid submission deadline.

It is understood that ABN Amrois to line up behind Dubai-based AES Oasis, while BNP Paribaswill back the bid from Belgium's Tractebel. Gulf International Bankand Bayerische Landesbankare with the UK's International Power. And Credit Agricole Indosuez, Credit Lyonnais, Sumitomo Mitsui Banking Corporationand Royal Bank of Scotlandwill support France's Total.

With a total of 10 developers prequalified for the 480-550-MW, 30 million-gallon-a-day project, there are still a number of other places available (MEED 4:7:03). The four banks understood to still be looking for a position are HSBC, Barclays Capital, ANZ Investment Bankand Mizuho Financial Group.

'The real interest is whether the two Indian developers can attract strong bank groups,' says a banker close to the deal. 'Among the usual suspects there is a growing concern that the Indians have the ability to come in very cheap on this, but their Achilles heel might be in getting bank support in place.'

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