Among the banks understood to have been invited to join the deal are Arab Bank, Arab Petroleum Investments Corporation (Apicorp), Bank of Tokyo Mitsubishi – which is also acting as financial adviser, Banque Saudi Fransi, BNP Paribas, Calyon, Gulf International Bank, HSBC, Mizuho Financial Group, Riyad Bank, Royal Bank of Scotland, Saudi British Bankand Sumitomo-Mitsui Banking Corporation. Minimum ticket sizes have not been specified but bankers looking at the deal say that commitments of at least $100 million are likely to be required. The tenor is 10 years. The top ticket is $150 million take and hold.

The launch of the financing follows the signature in early October of the three remaining engineering, procurement and construction (EPC) contracts on the phase 3 expansion of Sharq’s olefins complex. Sharq is a 50:50 joint venture of Saudi Basic Industries Corporation (Sabic)and a group of Japanese companies led by Mitsubishi Corporation(MEED 29:7:05).