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Tue 22 Feb 2011 05:23 PM

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Mashreq, FGB finance Abu Dhabi engineering works contract

Contract will be part of the $1.65bn expansion project for Abu Dhabi-based Borouge,

Mashreq, FGB finance Abu Dhabi engineering works contract
FINANCE DEAL: UAE banks Mashreq and First Gulf Bank, along with Deutsche Bank have jointly lend $403m in a syndicated facility towards the expansion of  Abu Dhabi-based plastics solutions company (supplied)

UAE banks Mashreq and First Gulf Bank, along with Deutsche Bank have jointly lend $403m in a syndicated facility towards the expansion of  Abu Dhabi-based plastics solutions company.

The contract will be part of the $1.65bn expansion project for Borouge, an international joint venture between Abu Dhabi National Oil Co (ADNOC) and Borealis, based in Austria, within the field of plastics innovation.

Mashreq, Dubai's second largest lender by market value, coordinated the syndicated facility for the engineering, construction and procurement works contract awarded to a joint venture between Italy's Tecnimont and Korea's Samsung Engineering, a statement on Tuesday said.

FGB acted as facility agent and issuing bank on the deal.

The Borouge 3 expansion consists of two turnkey projects and completion is due in the first quarter of 2014.

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