Credit Agricole 'to advice Duqm Refinery on funding'
MUSCAT, March 16, 2017
Oman’s Duqm Refinery & Petrochemical Co (DRPC) has hired Credit Agricole SA to advise on fundraising for its $6 billion project, a Bloomberg report said.
Credit Agricole will help DRPC raise more than $2 billion in loans, the report said quoting two people with knowledge of the plan.
Funding backed by export credit agencies and a sale of bonds may also be considered to support the project, the people said.
The Duqm refinery project is 50 percent owned by state-controlled Oman Oil Co with the other 50 percent held by Kuwait Petroleum International, a unit of government-owned Kuwait Petroleum Corp.
Occupying an allocated 900 hectares of land and with the capacity to refine 230,000 bpd, the refinery will form the cornerstone of the Duqm Special Economic Zone, Oman’s next industrial centre.
It is a grass roots refinery which aims to produce light/middle distillates at a high efficiency rate. It focuses on naphtha, jet fuel, diesel and LPG as its primary products. The refinery comprises hydrocracking, hydro-treating and delayed coking units, along with sulphur recovery, hydrogen generation and merox treating units.