Al Dur IWPP closes

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02 July 2009

Financing has closed for Bahrain’s Al Dur IWPP, the first major new Gulf project deal to close this year.

Financing has closed for Bahrain’s Al Dur IWPP, the first major new Gulf project deal to close this year. The $1.7 billion project secured financing from international and Islamic banks and export credit agencies. The Al Dur plant will be built in south of Bahrain and will begin operations by 2011.

GDF Suez and Gulf Investment...

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Poll

Gazpromneft stunned the market this week when it was revealed pricing for their five-year $1 billion pre-export financing was rumoured to be just above 300 basis points over Libor. Is the deal likely to be a syndication success?

Yes - this seems like a sensible pricing benchmark, why not?

11%

No - are you crazy? These prices are ridiculous. What were these banks thinking?

32%

Yes - but for all the wrong reasons. A lack of other deals in the market, and the promise of future business with Gazpromneft will make it hard to ignore but don’t expect many to take up big tickets with this deal. There are much better deals out there.

58%