A multi-source project financing of USD4.61bn was signed for the 230,000 barrels per day (bpd) Duqm Refinery Project. The Duqm Refinery Project is a joint venture between Kuwait Petroleum International and the Oman Oil Company and is located in the Special Economic Zone in Duqm (Sezad) along the south east coast of the Sultanate. Commenting on this significant milestone, the Project Chief Financial Officer, Mubarak Al Naamany, said, “The USD4.61bn multi-sourced financing signed for the project is not only the largest project financing in the Sultanate, but also includes the largest Sharia-compliant facility to a green field project in Oman provided by a consortium of Islamic financing institutions.” A formal notice to proceed was issued to the contractors in June 2018.