Equity arrangements were due to be completed in early October for the proposed integrated propane dehydrogenation (PDH)/polypropylene (PP) facility planned by National Polypropylene Company (NPPC). The private placement of NPPC's equity is being arranged by Gulf International Bank (GIB), which also has the mandate to act as financial adviser on the commercial debt tranche (MEED 30:5:03).
Commitments for the company's total equity of about SR 750 million ($200 million) are already in place, sources close to the deal say. Plans are also being drawn up for a commercial debt tranche expected to be worth about SR 1,100 million ($293 million). Basic engineering on the project is to begin within weeks by US-based ABB Lummus Global, which also has the project management contract as well licensing agreements for the plant's technology - Catofin PDH and Novolen PP.
NPPC is expected to sign a contract with South Korea's Samsung Engineering Corporation for the engineering, procurement and construction (EPC) contract before the end of the year.
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