Bahrain’s Bapco approaches banks for multi-billion refinery expansion - sources | ZAWYA MENA Edition:
"State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion, sources familiar with the matter said.
The company, advised by BNP Paribas and HSBC, has sent a so-called "teaser" to commercial banks for a loan likely to be over $1 billion.
The rest of the project cost will be covered with equity coming from the company, expected to exceed $1 billion, and with debt facilities backed by export credit agencies (ECAs), of at least $3 billion."
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