Muscat—Dentons has advised the lenders as Oman legal counsel on the US$4.61 billion financing of the Duqm Refinery Project, the largest project financing in Oman and one of the largest in terms of deal size in the Middle East. The transaction achieved financial close on 24 January 2019.

The financing involved several international financial institutions, local banks and three export credit agencies. The facilities comprise a substantial Islamic tranche alongside the conventional facilities. Dentons advised the lenders on both the financing documents and the project documents. The Duqm Refinery will have a crude oil processing capacity of 230,000 barrels per day and is the flagship project for the special economic zone in Duqm. Duqm Refinery and Petrochemical Industries Company LLC is a 50/50 joint venture between Oman Oil Company SAOC and Kuwait Petroleum Europe B.V.

Banking and Finance partner Sadaf Buchanan in Dentons' Muscat office commented, "The entire team is delighted to have completed this momentous transaction, which marks the culmination of many years of work. The Duqm Refinery Project is a landmark project for both the Special Economic Zone in Duqm and for Oman's economic growth and is also anticipated to bring significant jobs to the country."

The Dentons team was led by Sadaf Buchanan and Energy and Projects partner Andrew Figgins working together with senior associate Justine Harding, associates Yasser Taqi, Budoor Moosa, and paralegal Safa Al Bulushi.

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