Best banks in project finance 2002

Global Finance, Oct 2002 by Platt, Gordon

MIDDLE EAST & AFRICA

CITIGROUP

Citigroup reopened the Middle East market after September 11, 2001, with two project financings: Equate Petrochemical in Kuwait and the Shuweihat power and desalination project in Abu Dhabi. Citigroup was global book runner on the $900 million Equate transaction, which refinanced a petrochemical plant owned by Dow Chemicals, Kuwait Petroleum and Kuwaiti investors. This was the largest financing in Kuwait since the original Equate financing of 1996. The $1.6 billion Shuweihat transaction is the largest power project financing in the Middle East.

Citigroup was financial adviser to the $1.3 billion Oman LNG project, for which refinancing closed in May 2002. Citigroup closed an independent financial advisory assignment for the largest project financing in subSaharan Africa in June 2001. The $2 billion ChadCameroon pipeline project will provide a crude oil outlet for landlocked Chad. Citigroup was financial adviser, sole book runner and coordinating bank and lead arranger for $80 million of term loan and bond facilities for Safaricom, a national cellular operator in Kenya.

Gordon Platt is finance editor of Global Finance Email: gplatt@gfmag.com