The four bids under evaluation came from ANZ Investment Bank, whose bid is supported by its investment banking operation in Karachi, Arab Banking Corporation with Ernst & Young, Apicorp Taylor-DeJongh Advisory Servicesand Gulf International Bank.

‘We are expecting a mandate to be awarded by the end of February,’ says one of the interested parties. ‘Once it has, a schedule will be drawn up pretty quickly. This is not a large deal – we are looking at about $150 million-160 million of debt.’

Engro last year signed a memorandum of understanding with Oman Oil Companyfor the project, which involves the relocation of an existing 850,000-tonne-a-year plant to Oman (MEED 25:10:02).