December 2006

Q-Chem refi commitments out 11 December 2006

A group of 17 banks have been sent commitment letters for the $525 million Q-Chem refinancing. QNB is committing $45 million to the deal with the remainder taking $30 million tickets.

Sipchem close to financing acetyls and planning olefins projects 06 December 2006

Financial close is due in mid-December on Sipchem's acetyl project, while negotiations are ongoing about the fiancing plan for its $8 billion petrochemical complex.     The $560 million 12-year project debt for the acetyls project in Jubail is lead arranged by ABC, Arab National Bank, Banque Saudi...

Petrochemicals 01 December 2006

Sipchem nears close on acetyls and planning olefins

November 2006

Q-Chem refi out 21 November 2006

Refinancing for Q-Chem's original 1999 deal structured by Greenwich NatWest (now RBS project advisory)  is out to market. The refi has no financial advisor and is being led from in-house by minority stakeholder (49%) ChevronPhillips. Pricing in the model is said top be aggressive - as low as 40bp on...

Ras Tanura petrochems JV nears signing 20 November 2006

Saudi Aramco plans to sign the joint venture agreement for the $15 billion Ras Tanura petrochemical project with Dow Chemicals in early 2007. Aramco expects to raise up to $10 billion in debt for the project and to float 30% via an IPO. The FEED contract will also be awarded early next year and cons...

Sabic refinances acquisition debt 07 November 2006

Mandated lead arrangers ABN Amro, Citigroup, HSBC, ING and JP Morgan will sign banks into the Eu1.25 billion five year syndicated loan for Sabic Europe this week. The facility will refinance Sabic's 2002 loan for its acquisition of DSM Petrochemicals.

GCC Report: Project projections 01 November 2006

The project boom in the Middle East looks set to continue. But structural innovation and more funding diversification is a must if the needs of the market are to be met. By Darren Davis, HSBC, Dubai, and Jonathan Robinson, HSBC, Riyadh

GCC Report: Cash in the attic 01 November 2006

With the boom in GCC projects prompting traditional lenders to re-evaluate regional exposure levels, and growing petrodollar affluence, GCC-based infrastructure funds looks set to become a growing financial force in both the domestic and international project markets. By Michael Marray.

GCC Report: SABIC gets sole 01 November 2006

A complex multi-sourced deal and the first of its kind for sponsor SABIC,Mohammed A. Al-Ghamdi, Manager in the Financing Dept. at SABIC, and Bruce Macfarlane, Head of Structured Loans and Advisory, ABN Amro, Dubai, explain the financial mechanics behind the Yansab project facility.

GCC Report: Deal Mecca-nics 01 November 2006

Islamic finance has entered the mainstream project market. But as Islamic products become more sophisticated clear documentation is a must. By Harnek Shoker, of counsel, Freshfields Bruckhaus Deringer, Dubai.

Petrochemicals 01 November 2006

Sipchem acetyls deadline nears