- DUBAI: UAE banks Mashreq and First Gulf Bank, along with Deutsche Bank have jointly lend $403 million in a syndicated facility toward the expansion of Abu Dhabi-based plastics solutions company.
The contract will be part of the $1.65 billion expansion project for Borouge, an international joint venture between Abu Dhabi National Oil Company (ADNOC) and Borealis, based in Austria, within the field of plastics innovation.
Mashreq co-ordinated 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, according to a statement.
FGB acted as facility agent and issuing bank on the deal.