Oman Duqm Refinery's spending down to USD5.65bn

(MENAFN) Capital spending of Duqm Refinery's 230.000 barrels per day-capacity refinery has been scaled down to USD5.65bn, from USD7bn.

Furthermore, the fall in whole project cost could be due to a decline in EPC values, trailing undercutting by competing bidders.

Meanwhile, the firm will take a final investment decision in Nov this year, while it will issue notice to precede letters to the selected EPC contractors.

Accordingly, as much as 65 percent of the fund would be way of syndicated term loan from global and regional fiscal institutions and the remaining 35 would be equity capital.

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