$4.61bn funding for Duqm refinery

MUSCAT: The Duqm refinery project has secured a $4.61-billion multi-source financing. This is a major milestone for the 230,000 bpd refinery, a joint venture between Kuwait Petroleum International and the Oman Oil Company located at the Special Economic Zone in Duqm (SEZAD). Mubarak al Naamani, Chief Financial Officer, Duqm Refinery Oman, said: “The $4.61-billion multi-source financing signed for the project is not only the largest project financing in the Sultanate, but also includes the largest Shariah-compliant facility for a greenfield project in Oman provided by a consortium of Islamic financing institutions.” He said the facility, provided by 29 reputed financial institutions from 13 countries and insurance and guarantees (cover) provided by three major export credit agencies, is a testament to the confidence placed by international, regional and local lenders on the Sultanate, the shareholders and the project. The project comprises the development, construction and operation of the refinery, on-site utilities, infrastructure and storage together with offsite facilities, including crude tank storage facilities in Ras Markaz, an 80 km crude oil pipeline to the refinery and a product export terminal at the Port of Duqm.