Bapco tests bank appetite for $4.2bn expansion

Bahrain Petroleum Company (Bapco) is testing bank appetite for its $4.2 billion Sitra expansion project. Financial close is expected by Q4 of 2018.

The project, which will increase its existing oil refinery capacity up to 360,000 from 267,000 barrels per day, is scheduled for completion in 2022.

HSBC and BNP Paribas (lead arranger) are advising on the $3.5 billion of debt for the scheme in a multi-sourced deal which will feature ECA backing. Standard Chartered is also part of the lender line-up.

TechnipFMC/Samsung Engineering/Tecnicas Reunidas were awarded the EPC contract in 2017.