Dammam-based Arab Petroleum Investments Corporation (APICORP) has announced a $100 million investment to finance the construction of Oman’s Duqm Refinery, as part of a consortium of international and regional banks.
The $100 million financing consists of $50 million Sharia-compliant and $50 million conventional tranche, it said in a statement on Sunday.
Situated within the Duqm Special Economic Zone, the refinery is a joint venture between Kuwait Petroleum International and Oman Oil Company. The $5.75-billion refinery will have the capacity to process around 230,000 barrels of crude oil per day on completion.
APICORP has currently committed over $380 million for Oman's energy sector.
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