A mandate to arrange a $460 million export credit facility for the Enpak power project has been awarded to Japan's Fujibank and JiNG Bank of the Netherlands. The 12-year loan will be guaranteed by the Export-Import Bank of Japan (Jeximbank).

The project involves the construction of a 754-MW residual oil plant in the Punjab by the US' Enron Corporation, with Bechtel, also of the US (MEED 16:2:96).

Syndication is planned to start soon for the Jeximbank facility, which will provide up to 95 per cent political risk cover for the estimated $710 million project. Enron will provide the rest of the political risk cover. It may also arrange another offshore facility, but details of this have yet to be released.