The IFR Fixed Income News Service said that Equate Petrochemical Company, the largest petrochemical producer in Kuwait, has appointed banks to manage a planned process to sell sukuk for a period of seven years.

IFR said that equate, which is majority-owned by Petrochemical Industries Company and Dow Chemical Company, has appointed Citi, First Abu Dhabi Bank, JP Morgan, Mizuho and Mitsubishi UFJ as joint global coordinators, joint bookrunners and lead managers.

The company has also appointed KFH Capital, SMBC Nikko Capital Markets, and Warba Bank as joint bookrunners and lead managers.

Investor meetings are scheduled to be held on August 27, followed by a dollar sukuk issuance as part of Equate’s $2 billion asset-backed debt issuance program, IFR added.