Last four banksstanding for Engro advisory

25 February 2003
A four-strong shortlist has been drawn up for the position of financial adviser on the proposed Sohar ammonia/urea fertiliser plant being developed by Engro Chemical Pakistan.

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).

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