The PIM asks for $240 million of debt, with a tenor of just under 13 years. The banks have been requested to table individual bids only and have been given until the third week of April to submit their responses. Banking sources interested in the transaction say they are expecting a rapid assessment and the award of lead arranging mandates by the end of April.

'This is an old-fashioned, non-recourse, pure project financing,' says a banker watching the transaction. 'It looks as if it wants a small MLA [mandated lead arranger] group, maybe two or three banks, and then a proper syndication process. There is likely to be pretty good interest in this as there have been few deals in the market recently and Omani projects have a following in the international bank market.'

Dammam-based Arab Petroleum Investments Corporation (Apicorp)is acting as OPP's financial adviser and may participate in the transaction (MEED 26:9:03).

OPP is sourcing its feedstock from Sohar Refinery Company, which signed its $646 million, 14-year commercial debt package in mid-December after a particularly successful syndication (MEED 19:12:04).