Dubai—Dentons advised Mashreqbank psc on the coordination of US$88 million club contracting finance facilities for the engineering, procurement and construction of a petrochemical production facility located in Fahud and Sohar in the Sultanate of Oman (LIWA). The facilities were used to finance the bonding of Tecnimont S.p.A for the construction work.

Mashreqbank acted as the sole book runner, mandated lead arranger and co-ordinator. Although Mashreqbank has previously supported Tecnimont S.p.A on other projects in the region, the LIWA represents the first major project that Mashreqbank has supported Tecnimont S.p.A in Oman. Dentons advised the banks on the structuring of the financing and supporting security requirements, covering the specific bonding requirements relating to the LIWA project construction, and the contract counterparty was Orpic Plastics LLC.

Dentons Middle East senior partner, Neil Cuthbert, commented, "We are delighted to have worked with Mashreqbank on another ground-breaking contractor financing involving the Maire Tecnimont Group". 

The Dentons team was led by partner Neil Cuthbert and associate Annabel Levick, in Dubai, with support from partner Sadaf Buchanan and senior associate Justine Harding in Muscat.

Dentons’ leading Middle East Banking and Finance team operates at the industry’s forefront, working with international and local banks and corporates. Their integrated regional team is one of the most experienced and geographically diverse teams in the region, and has the market knowledge and experience to advise, innovate and deliver across a range of areas including: project finance, Islamic finance, capital markets, asset finance, real estate finance, restructuring and insolvency and contractor financing.

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