Iran is set to attract many billions of dollars of investment into its hydrocarbons sector. With the multi-billion dollar deals for South Pars phases 9-12 set to be awarded imminently, all eyes are on the upstream production. However ongoing wrangles over the buyback schemes governing concessions mean that it could be the downstream petrochemicals sector that provides the bulk of any emerging project financings. By Daniel O’Sullivan.

The Middle East, and more specifically the member states of the Gulf Cooperation Council, or GCC (Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, and Oman), have become arguably the most active and competitive project finance market in the world, especially by the measure of pricing of this financing product. What is the role of local banks in this market, how has it developed, and how will it progress? By Jack Seifert, WestLB. Most local banks have limited their involvement in p

The global LNG market, particularly the Asian and European markets comprising some 93% of total sales in 1999, is characterised by a small number of sellers paired with individual fragmented markets. Buyers and sellers possess nearly symmetrical political and economic interests. This symmetry of interests, combined with high capital costs amortised over long time periods, provides a strong rationale for vertically integrated deal structures and operations. Once in place, the greatest economic op

Saudi Arabia has over the past twenty years undertaken a massive investment programme to establish a world class petrochemical industry which now ranks as the largest, by some margin, in the Middle East. The current phase of this development, however, is quite different to the previous waves in that, for the first time, the private sector in Saudi Arabia is taking a leading role. By Michael Hamilton, head of project finance, Arab Petroleum Investments Corporation, Apicorp, Darren Davis, head of

The Sultanate of Oman looks set to become the first Arab state to complete wholesale privatisation of its electricity and related water supply industries. It is currently restructuring its industry, has let three IPPs and is looking to privatise the existing industry assets. This article explains the process so far, looks at the latest developments and the forthcoming privatisation. By Bert Schoen of ABN AMRO Bank and Christopher McGee- Osborne of Denton Wilde Sapte. Background Oman was the firs

Four large Qatari project financings are set for the bank debt market this year to raise nearly US$2.5bn of debt for the country. It is unlikely the new debt will overwhelm the country or the markets. Qatar is well set for the time being. Its two mega LNG schemes are on line, producing in a higher price environment. Various industrial schemes have been completed too. Dividends are starting to flow, which will support more gearing. By Rod Morrison. The four deals are the Ras Abu Fontas B power st