Duqm Refinery project wins best finance deal of the year award
Duqm Refinery project was recently recognised by Trade and Export Finance (TXF) Global Awards 2019.
The winning projects were honoured in a ceremony which was held in Berlin recently. This award comes after the successful US$4.6bn financial closing of Duqm Refinery project, which was considered as one of the major project deals in the Gulf region last year, a press release said.
Each year, at the TXF Global Awards, the perfect ten ‘Deals of the Year Awards’ in export and project finance are recognised. The perfect ten deals represent the most innovative, market influencing transactions of the year.
“Achieving financial close and winning this award is a recognition of several ‘firsts’ that the project has delivered,” Dr Salim bin Saif al Huthaili, CEO of Duqm Refinery said. “This is not only the first cross border project in the Gulf region, but also the first where two government owned oil companies are partnering on such an initiative.”
Majid al Bahri, general manager for strategic finance at Duqm Refinery, said, “The multi-sourced financing signed for the project is not only the largest project financing in Oman, it also includes the largest sharia’a-compliant facility awarded to a green field project in the country provided by a consortium of Islamic financing institutions.”
He added, “Facilities have been provided by 29 reputed financial institutions from 13 countries and guarantees from three major global ECAs (export credit agencies).”
Duqm Refinery and Petrochemical Industries LLC is a joint venture between Oman Oil Company and Kuwait Petroleum International. On completion of the Duqm Refinery project, it will have the capacity to refine 230,000 barrels of crude oil per day using various blends.