Oman and Kuwait sign a Sharia financing deal

Oman’s Duqm Refinery and Petrochemical, a joint venture between Oman

Oil and Kuwait Petroleum, signed Dh16.8 billion in Sharia-compliant project financing. “The financing is provided by 29 reputed financial institutions from 13 countries; insurance and guarantees are provided by three major export credit agencies,” Duqm Refinery said in a Twitter post. The financing is the largest-ever project financing and the largest Sharia-compliant facility for a green field project in Oman, it added. Duqm Refinery has agreements with export finance agencies in the UK, Spain and South Korea, according to the report. The refinery, located in Duqm special economic zone on Oman’s eastern coast, has a planned capacity of 230,000 barrels per day.