Bapco is looking for a $150 million, 12-year conventional loan to refinance a bridge loan of similar size from BNP Paribasand HSBC, which are acting as structuring agents on the new facility. A $200 million Islamicly structured loan is also being offered. Kuwait Finance Houseis likely to provide $100 million while the remainder is expected to come from a consortium comprising Abu Dhabi Islamic Bank, BNP Paribas, HSBC and the Islamic Development Bank.

The third tranche will be split between a $150 million loan from Japan Bank for International Co-operation and a $150 million component covered by Nippon Export & Investment (NEXI). Banks will not be invited to bid until negotiations are completed with the agencies (MEED 2:1:04).