Développement du Financement de Projet et de la Privatisation dans la Péninsule Arabe

Conclusion

The governments of the Arab peninsula, to differing degree appear to have admitted that their loathing to grant sovereign guarantees moves away the investors who are neither of the agencies of credit export, nor of the multilateral institutions. Although it is exact that privatization implies the creation of independent entities capable of self-sufficiency, it would not be reasonable to expect that the developers enter the eyes closed and without support new companies which do not have any countable history nor operational. So that such a project meets success, it is appropriate that the risks and profits are equitably distributed between the government concerned and the private investors.

The evolution of the structures of financing of the IP in the area shows well the increase in the interest and confidence tested by the financial organizations. The participation of the agencies of credit export is not any more one indispensable condition. Even if privatizations of Abu Dhabi showed that long-term loans can be secured, it does not remain about it less than, so that the financings perdurent, it will be necessary that the area shows its capacity to extend the depth and the diversity of its sources of financing.

Or else, the international banks will end up reaching the limit of their exposure per country, and the developers will have to be addressed elsewhere to finance or refinance the debt of the projects. The solutions of replacement, in terms of financing, will include/understand then, most probably, the capital markets (projects jumps) the Islamic financing and the regional banking market.

But all this will not be able to be carried out, as we believe to have shown it through the example of Abou Dhabi, that if the governments concerned show their adherence with the process of privatization by the setting does not place and in force of transparent lawful structures and disciplined tariffs.

Or else, the process will be put in danger, and the flood of the investments and the financings will be dried up irremediably.

BIBLIOGRAPHY

Ø The Guides To Financing International Oil and gas projects, Milbank, Tweed, Hadley & McCloy- 1996

Ø Project Finances International Yearbook 1999

Ø Particular reports/ratios Electricity, Total 1998, Total Fina Elf 2000/2002.

Ø Middle East Economic Digest, since October 1999

Ø The Website for the Power Industry ( http://www.power-technology.com)

Ø Jordan Electricity Sector Carryforward, January 2001

Ø Website of the embassy of Jordan.

Ø Energy Intelligence Briefing, 18/02/2003