General syndication closed in mid-October on the $750 million loan for the local/US Qatar Chemical Complex (Q-Chem). Nine regional and international banks joined the transaction during syndication, which secured commitments of $175 million, well above the target of $100 million-150 million.

Banks were invited to take commitments of $20 million at co-arranger level, $15 million (senior lead manager) and $10 million (lead manager), with the majority coming in at the highest tier. The nine institutions entering the deal during syndication are Al-Bank al-Saudi al-Fransi, Abbey National, Bank of Scotland, Landesbank Baden-Wurtenberg, Riyad Bank, Saudi Investment Bank, Bank Austria Creditanstalt, Commercial Bank of Qatar and ING Bank. The loan signing is scheduled to take place during the first half of November.

Syndication saw several international banks entering a Qatari project financing for the first time. In addition, the deal is the first Qatari project finance transaction for SaudiArabian institutions.

The international bookrunner was HSBC and the regional bookrunner Arab Petroleum Investments Corporation (Apicorp). Twenty four regional and international banks acted as arrangers for the borrowing, which will be used to finance the construction of a new ethylene, polyethylene and hexene- 1 plant at Mesaieed (MEED 3:9:99, Qatar).