``Enron has asked us to be lead arrangers for financing this project, and we are considering the proposal,'' country head and head of South Asia International Finance Development of Sumitomo Bank Bharat Kaushal said.

Sumitomo, which will have to raise finances of about $1.5 billion for the project, has, however, sought certain clarifications from Enron on the escrow account for the project, he said.

``We plan to raise the money in the same way we did for the first phase,'' Kaushal said. The Japanese bank was lead arranger for the 740mw, first phase of the project, for which the bank arranged about $660 million, Kaushal said. Sumitomo was the lead manager for a consortium of banks which included Bank of America, ABN Amro and ING Barings, that mobilised about $150 million each.

``The bank would like tohave the same consortium of bankers to arrange funds for Dabhol second phase so that we can raise the money easily,'' Kaushal said.

Enron Power Corporation has also approached State Bank of India, Canara Bank, Industrial Finance and Investment Corporation of India, Industrial Credit and Investment Bank of India for part-financing the $1.8 billion project, company sources said.

Admitting that US Exim Bank did not commit $500-million loan for the second phase of the project in wake of US sanctions on India, the sources said Enron was now looking at the overseas market for about 70 per cent of finances.

Sources said multinationals Asea Brown Boveri and General Electric were in the race for the engineering, procurement and construction contract of the project. About six multinationals including Siemens, GEC Alsthom, Mitsubishi and Westinghouse, had earlier bid for the project, besides ABB and General Electric, they said. Dabhol will be based on LNG and Enron proposes to import about five million tonnes ofthe liquified petroluem product from Qatar Gas and Petroleum Corporation, the sources added.