Duqm Refinery announced its project’s financial close. The USD4.6bn senior debt facilities comprise of seven agreements that includes i) a USD1.43bn International Commercial Facility, ii) a USD490mn Onshore Commercial Facility, iii) a USD890mn Islamic Facility, iv) a USD700mn UKEF Covered Facility, v) a USD500mn CESCE Covered Facility, and vi) a USD600mn K-EXIM Covered and K-EXIM Direct Facilities. Regional banks have played a big role in this deal with funding from Kuwaiti and Omani banks representing 43% of total debt.
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