Bahrain Petroleum Company (Bapco) is in talks with Export Credit Agencies (ECA) to finance the expansion of its Sitra oil refinery. The project is estimated to cost around $5b, reported Reuters.

The state-run Bahraini company is talking with seven or eight ECAs to back a component of the project financing. The financing is expected to be finalized by the second quarter of 2017, according to Arabian Business News.

Bapco intended to increase the processing capacity of the Sitra oil refinery from the current 267,000b/d to 360,000 b/d. Yet, the company didn’t reveal any information about the refinery expansion project until all formalities are finalized with all concerned parties.

BNP Paribas and HSBC are advising the company on the project financing, which is expected to have an 18-year maturity, including a four-year construction period. Furthermore, the companies that have formed consortia and submitted bids to work on the expansion include Japan’s JGC Corp, South Korea’s GS, as well as Technip, Tecnicas Reunidas , Samsung Engineering , in addition to Fluor , Hyundai Engineering and Construction, Daewoo E&C, CB&I and Petrofac.