(MENAFN- Kuwait News Agency (KUNA)) MUSCAT, Nov 3 (KUNA) -- Oman's Duqm Refinery company said on Saturday it had signed a multi-sourced financing agreement worth USD 4.6 billion for a refinery and a petrochemical complex.
The deal is the largest Sharia-compliant financing agreement in the history of the Gulf Sultanate, Duqm Refinery's chief financial officer Mubarak Al-Naamany said in a statement.
The financing is provided by 29 reputed financial institutions from 13 countries, while insurance and guarantees have been sealed with three major export credit agencies, he revealed.
The refinery, run by the joint venture between Oman Oil Company and Kuwait Petroleum International, will be able to process 230,000 barrels of crude per day and occupy 900 hectares in the Duqm industrial zone, with expected investments of up to USD 15 billion over the next 15 years.
The zone is Oman's biggest single economic project and part of Muscat's efforts to steer its economy away from dependence on oil revenues. (end) ma.nam
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