According to recent reports, the Gulf Petrochem Group (GP) has raised US$ 150 million from a group of international and local financial institutions. These financial institutions have origins in the GCC. In the current scenario of consistent low global oil prices, this financing will be a great support for all the activities of the group across the globe. The borrowing will take the form of an 8 year term loan which was provided by A syndicate of banks lead by Emirates NBD will offer the loan for a term of 8 year, whereas IL&FS are the Financial Advisor. The security agent for the financing is the National Bank of Fujairah, as well as the participating banks are Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank, Mashreq Bank amongst others. Being a competetively priced loan with a spread over the London Interbank Offered Rate (LIBOR), GP has worked really hard with all its stakeholders, IL&FS and the syndicate of banks all through the process of planning and syndication phases. Some high level representatives from the syndicate banks and GP's Group Managing Director Sudhir Goyel along with senior executives from GP will mark their attendance during the signing ceremony. Prerit Goel, the Group Director of GP stated, “Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital. The banks involved have all expressed their admiration of our robust growth plans. As a group, we are determined to stay the course and to deliver on our long-term strategic ambitions.” He further added, “Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia.” The Executive Vice President, Corporate Banking, Emirates NBD Mr. Salah Mohammed Amin also stated, “The positive response for this facility confirms the interest in key sectors in the UAE and the trust endorsed to Gulf Petrochem Group's strong financial position despite the difficult market conditions. Since the beginning of the year, we have arranged a number of syndicated loan transactions. This transaction further cements our footprint in the local market.” The CFO of GP group, Sreehari Iyer, stated “The positive response we received from the banking community during our meetings was extremely welcoming. This competitive new source of funding will help us to achieve our global growth ambitions and showcases the financial trust in our business during these uncertain economic times.” .