Duqm Refinery operator secures $100m project financing

23 December 2018
Operator company obtains second key credit facility for planned project

Duqm Refinery & Petrochemical Industries Company (DRPIC) has secured $100m in financing for its planned Duqm refinery project from Saudi-based Arab Petroleum Investments Corporation (Apicorp).

In a statement, Apicorp said $50m of the loan is sharia-compliant, while the other half is a conventional tranche.

With this loan to DRPIC, Apicorp’s total credit to energy projects in Oman stands at $380m.

DRPIC is a 50:50 joint venture between state-owned Oman Oil Company and Kuwait Petroleum International, established to execute the $7bn Duqm refinery project within the Duqm Special Economic Zone.

In November, close to 30 financial institutions collectively provided $4.61bn-worth of credit to DRPIC for the project.

Apicorp, in which Kuwait is a 17 per cent shareholder, has extended financing to downstream projects globally, with its credit portfolio including projects such as MEGlobal in Canada and the Netherlands, Equipolymers in Switzerland, and the Nghi Son refinery and petrochemicals plant in Vietnam.

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