The preliminary information memorandum (PIM) has been released to banks on the financing of the Yanbu National Petrochemicals Company (YanSab) project. Offers are due by the end of April. ABN Amro and Saudi Hollandi Bank are the financial advisers (MEED 22:7:05).

The sponsors are seeking a total of $2,400 million in commercial debt. The UK's Export Credit Guarantee Department (ECGD) will cover $100 million and Italy's Sace $500 million. The remainder will consist of a mixture of conventional and Islamic finance, with the final split dependent on bank responses. International banks are being asked to take underwriting tickets of at least $250 million while domestic banks must offer at least $200 million. The tenor is 12 years. The Public Investment Fund is providing a loan of $1,000 million.

YanSab raised SR 1,968 million ($524.8 million) through an initial public offering (IPO) in December. The project, in which Saudi Basic Industries Corporation (Sabic) is the major shareholder, calls for the construction of a mixed-feedstock cracker and various downstream units. Commercial bids from three contractors were submitted on 11 March for the benzene, toluene and xylene (BTX) plant package at the planned complex (MEED 17:3:06).