CBK in consortium to pledge $4.6bn facilities for Omani refinery

CBK in consortium to pledge $4.6bn facilities for Omani refinery

Mubasher: The Commercial Bank of Kuwait (CBK) announced it has signed an agreement to finance one of the major projects in Oman, in cooperation with a number of local and international financing entities, Al Jarida Newspaper reported.

The CBK is among a banks consortium that has pledged credit facilities valued at $4.6 billion to finance Oman’s Duqm Refinery, Al Jarida said.

It is noteworthy that Kuwait Petroleum Corporation (KPC) owns an equity of 50% in Duqm Refinery in partnership with Oman Oil Company. This project is expected to have a refining capacity of 230,000 barrels per day (bpd).

CBK has pledged a finance of $150 million of these credit facilities which will be matured in a period from 16 to 19 years, according to Al Jarida.