UPDATE 1-Aramco, Dow petchem JV picks banks for project sukuk-sources | Reuters

Sadara, the $20 billion petrochemical joint venture between oil giant Saudi Aramco and Dow Chemical, picked four banks to manage the Islamic bond, or sukuk, portion of its multi-billion dollar fundraising, three sources said on Tuesday.

Deutsche Bank, Riyad Bank, Alinma Bank and Bank Al Bilad have been mandated for the deal, likely to be denominated in riyals, which will be only the second project finance sukuk ever to be raised in Saudi Arabia.

Earmarked to raise around $1.4 billion, the sukuk is not expected to be marketed until next year, two sources said.

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