Major project financings in the Middle East

23 March 2008

MEED lists the Middle East's top projects financings from the year 2006 to date.

$10bn - Petro Rabigh refinery complex

Client: Saudi Aramco/ Sumitomo Chemical
Country: Saudi Arabia

  • $2.5bn JBIC tranche

  • $1bn Loan

  • $1.74bn Commercial bank tranche

  • $600m Islamic tranche

$7bn - Emal Taweelah aluminium smelter

Client: Emal
Country: UAE

  • $2.8bn Equity bridge loan

  • $1.87bn Commercial bank tranche

  • $270m Letter of credit

$5.7bn - Qatargas 4

Client: Qatar Petroleum
Country: Qatar

  • $2.8bn Commercial bank tranche

  • $1.2bn Sponsor loan from Royal Dutch Shell

  • $225m Letter of credit

$4.85bn - Qatalum aluminium plant

Client: Qatalum
Country: Qatar

  • $2.25bn Commercial bank tranche

  • $3.5bn Sponsor loan

  • $150m Letter of credit

$3.5bn - Marafiq-Jubail independent water and power plant

Client: Jubail Water & Electricity Company
Country: Saudi Arabia

  • $1.5bn Commercial bank tranche

  • $645m 17-year credit facility

  • $600m Islamic finance tranche

  • $495 Seven-year bridge facility

$3.5bn - Yansab petrochemicals complex

Country: Saudi Arabia

  • $850m Islamic tranche

  • $700m Export credit agency 1

  • $1bn Commercial banks tranche

$3.2bn - Qafco 5

Client: Qafco
Country: Qatar

  • $620m Commercial bank tranche

  • $500m Working capital

  • $480m Revolver loan

$2.75bn - Fujairah F2 IWPP

Client: Adwea
Country: UAE

  • $1.3bn Capital facility from JBIC

  • $900m Commercial bank tranche

  • $57m Bridge loan

$2.5bn - Olefins II

Client: Kuwait Olefins Company/Dow
Country: Kuwait

$2.43bn - Sharq refinery expansion

Client: Sabic plus Japanese joint venture led by Mitsubishi
Country: Saudi Arabia

  • $1.17bn JBIC loan

  • $780m Commercial bank tranche

  • $480m Funding from Project Investment Fund

$2.4bn - Mesaieed A independent power project

Client: Mesaieed Power Company
Country: Qatar

  • $1.25bn Commercial bank tranche

  • $836m loan from JBIC

$2.2bn - Kuwait Paraxylene Production Company (KPPC) aromatics project

Client: KPPC
Country: Kuwait

  • $1bn Commercial bank tranche

  • $374m Islamic finance tranche

$2.2bn - Oman Refinery Company-Sohar Refinery Company merger

Client: Oman Refineries & Petrochemicals Company
Country: Oman

  • $1.3bn Commercial bank tranche

$1.88bn - Shuqaiq IWPP

Client: Shuqaiq Water & Electricity Company
Country: Saudi Arabia

  • $1.16bn Commercial bank tranche

  • $230m 10-year loan

  • $60m Cost over-run facility

$1.6bn - Sohar aromatics complex

Client: Aromatics Oman
Country: Oman

  • $1.2bn Commercial bank tranche

$1.4bn - EAgrium fertilizer plant

Client: EAgrium
Country: Egypt

  • $565m Commercial bank tranche

  • $376m 15-year loan

$1.4bn - Segas Damietta LNG refinancing

Country: Egypt

  • $720m Commercial bank tranche

  • $250m Credit facility

  • $50m Cost over run facility

$1.27bn - Fujairah IWPP

Country: UAE

  • $600m Commercial bank tranche

$1.16bn - Ibn Zahr polypropylene facility expansion

Client: Saudi European Petrochemicals Company
Country: Saudi Arabia
$850m Commercial bank tranche

$1.1bn - Emirates steel project

Client: Adbic
Country: UAE
$600m Commercial bank tranche

$1.1bn - Taweelah A1/A10 IWPP

Client: Adwea
Country: UAE

$1bn - Jubail ethane cracker unit

Client: Saudi Ethylene & Polyethylene Company
Country: Saudi Arabia
$600m Commercial bank tranche

$500m - Sahara complex

Country: Saudi Arabia

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