Duqm Re­fin­ery achieves clo­sure of Oman’s largest project fi­nanc­ing

Times of Oman - - MARKE -

Times News Ser­vice

MUS­CAT: Duqm Re­fin­ery an­nounced the fi­nan­cial clo­sure of its $4.61 bil­lion multi-sourced, Sharia-com­plaint project at a din­ner held at the In­tercon­ti­nen­tal Ho­tel in Mus­cat.

Speak­ing on the oc­ca­sion, the Pres­i­dent of Kuwait Pe­tro­leum In­ter­na­tional and Chair­man of Duqm Re­fin­ery, Na­bil Bourisli, said, “This achieve­ment re­flects the strength and sta­bil­ity of the Omani and Kuwaiti economies. It also re­flects the trust and con­fi­dence placed by lo­cal, re­gional and in­ter­na­tional fi­nan­cial in­sti­tu­tions in our eco­nomic ties that are deeply rooted in his­tory. Our vi­sion is aimed at max­imis­ing the value of our nat­u­ral re­sources and driv­ing the two coun­tries to­wards ex­pand­ing their eco­nomic po­ten­tial that leads to bal­anced eco­nomic growth.”

“This is in­deed a very im­por­tant mile­stone for the project. It re­flects the trust that fi­nan­cial in­sti­tu­tions have placed in the project; it will no doubt be one of the key eco­nomic driv­ers for Sezad,” Eng. Hi­lal Al Kharusi, Vice Chair­man of the Board of Di­rec­tors of Duqm Re­fin­ery, said.

“Set­ting up the Duqm Re­fin­ery and Petro­chem­i­cal In­dus­tries Com­pany was an im­por­tant mile­stone for petro­chem­i­cal in­dus­tries and the key to es­tab­lish­ing new down­stream in­dus­tries and cre­at­ing job op­por­tu­ni­ties,” he added. “Kuwaiti banks were in­volved in fi­nanc­ing the project, achiev­ing 32 per cent of the to­tal loan amount. This was driven by the im­por­tance of the project, as well as the strate­gic part­ner­ship be­tween the two coun­tries,” Eng. Khalid Al Mushaileh, vice pres­i­dent of Kuwait Pe­tro­leum In­ter­na­tional, said.

“The $4.6 bil­lion multi-sourced fi­nanc­ing agree­ment signed for the project made it not only the largest project fi­nanc­ing in the Sul­tanate, it also in­cluded the largest Sharia-com­pli­ant fa­cil­ity awarded to a Green­field project in the coun­try pro­vided by a con­sor­tium of Is­lamic fi­nanc­ing in­sti­tu­tions,” said Mubarak Al Naa­many, Chief Fi­nan­cial Of­fi­cer of Duqm Re­fin­ery. “Fa­cil­i­ties were pro­vided by 29 re­puted fi­nan­cial in­sti­tu­tions from 13 coun­tries and guar­an­tees from three ma­jor ECAs,” he added.

MA­JOR MILE­STONE: Achiev­ing multi-source project fi­nanc­ing for the Duqm Re­fin­ery project was a ma­jor mile­stone.

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