As MEED went to press, four banks had made commitments totalling $80 million to the syndication. It is thought that ANZ Investment Bankis aiming to take a $30 million ticket, with Doha Bankand Commercial Bank of Qatareach taking $20 million and First Gulf Banklooking to take a $10 million ticket.

It is understood that three more financial institutions are still considering participation. Union National Bankis regarded as a borderline candidate, DieNorddeutsche Landesbank is described as interested and Export Development of Canada, a previous participant in Qatar financings, is also looking at the deal.

Even if the syndication closes at its current $80 million level, it can be viewed as a success. The bookrunners had targeted selling $75 million-125 million and the 15 lead arrangers on the transaction started the syndication below their original hold targets.

The two regional bookrunners are Arab Petroleum Investments Corporation (Apicorp)and Gulf International Bank, and Credit Agricole Indosuezis acting as the international bookrunner. Royal Bank of Scotland is acting as financial adviser (MEED 21:2:03; 7:2:03).