EQUATE Petrochemical Company is in talks with banks to refinance a USD6 billion bridge loan that it secured last year and that was partly used to fund the acquisition of petrochemical company MEGlobal. EQUATE, a venture between Dow Chemical and Petrochemical Industries Co (PIC) of Kuwait, is seeking funds split into portions of three years and five years. EQUATE's loan would facilitate the exit of Dow from some of its ventures in Kuwait; the sale of ME Global is part of Dow's bigger plan to optimise ownership in its Kuwait operations. EQUATE originally raised a USD6 billion bridge loan in December to buy MEGlobal from Dow and PIC, part of state-run Kuwait Petroleum, for USD3.2 billion, and to refinance some of EQUATE's existing debt. The loan is due to mature in December 2016 although it has an option to be extended for six months. (Reuters)