Sunday 04, November 2018 by Kudakwashe

Duqm Refinery signs $4.6 billion Shari’ah-compliant project financing

 

The financing is the largest project financing and the largest Shari'ah-compliant facility for a green field project in Oman.

Oman’s Duqm Refinery has signed a $4.61 billion multi-sourced Shari’ah compliant project financing agreement.

In a statement, Duqm Refinery stated that the financing is provided by 29 reputed financial institutions from 13 countries and insurance, as well as guarantees, are provided by three major export credit agencies.

Mubarak Al Naamany, Duqm Refinery Project’s Chief Financial Officer, said, “The $ 4.61 billion multi-sourced financing signed for the Project is not only the largest project financing in the Sultanate of Oman.”

The facilities comprise an international commercial facility, an onshore commercial facility as well as an Islamic facility, a United Kingdom (UKEF) covered facility and a Spain (CESCE) covered facility.

Also, it comprises of a South Korea (K-EXIM) covered facility and a K-EXIM direct facility.

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