Oman’s Duqm Refinery secures $4.61 bln

Oman

MUSCAT, November 5, 2018 – Oman’s Duqm Refinery mega-project has secured financing worth USD 4.61 billion, the project’s management announced on Saturday.

The financing will be sourced from 29 international banks across 13 countries, Duqm Refinery and Petrochemical Industries Company said in a tweet. Three export credit agencies will provide insurance and guarantees, the tweet added.

The Duqm Refinery and Petrochemical Complex is expected to process around 230,000 bpd. Its developer is a 50-50 joint venture between Oman Oil Company and Kuwait Petroleum International.

The project has been developed with an added-value petrochemicals component in mind. Its overall cost has been projected at USD 7 billion. Financing of USD 5 billion had been targeted.

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