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Kuwait: NBK signs an agreement to finance Duqm Refinery Project in Oman

10.12.2018

National Bank of Kuwait (NBK) announced the signing of an agreement for a multi-sourced project finance facility for the development of Duqm Refinery and Petrochemical Industries Complex.(Duqm Refinery), in the Sultanate of Oman.

NBK will act as the facility agent under the USD1.43 billion International Commercial Facility to Duqm Refinery. NBK Group, which comprises of NBK and its subsidiary Boubyan Bank, will the largest lender to Duqm refinery.

The total multi-sourced facility is for USD 4.6 billion and comprises seven agreements that include the USD 1.43 billion International Commercial Facility, a USD 490 million Domestic Commercial Facility and an Islamic Facility of USD 890 million.


The facility will be used to build and operate the new Al-Duqm Refinery project which will have a refining capacity up to 230,000 barrels per day of crude. The refinery will primarily produce diesel, jet fuel, naphtha, liquefied petroleum gas (LPG), petroleum coke and sulfur. 

Commenting on the signing of the agreement, Mr. Salah Al Fulaij, NBK - Kuwait Chief Executive Officer, said: “The credit facility provides long-term financing for this large project which is being developed by industry leaders with exceptional knowledge and track record in the market.

“NBK’s participation in this transaction constitutes a clear example of our continued support and commitment to internationally competitive projects in the private sector” Al-Fulaij added.

Al-Fulaij also emphasized that “NBK continues to seize local and regional opportunities strengthening the Bank’s leading role in multi-billion dollar consortiums and financing of large strategic projects across various sectors including oil and gas.

On his part, Nabil Bourisli, President of Kuwait Petroleum International (KPI) and Chairman of Duqm Refinery, said, “The signing of this agreement marks a new milestone that proves the strength and stability of both the Omani and Kuwaiti economies. It also reiterates on the trust and confidence placed by local, regional and international financial institutions in the deeply rooted economic ties between both countries.”

Also commenting on the agreement, Engineer Khalid Al Mushaileh, Vice President of Kuwait Petroleum International, said, “Kuwaiti banks have had an effective role in bringing the financing together, covering 32 per cent of the total loan amount. Their commitment to the agreement was driven by the importance and scale of the project, as well as the strategic partnership between the two countries.”

The multi-sourced facility is provided by 29 reputed financial institutions from 13 countries and guarantees from three major ECAs.

The Duqm Refinery project is one of the largest strategic projects undertaken by Kuwait Petroleum International, a subsidiary of the Kuwait Petroleum Corporation (KPC) in cooperation with the Oman Oil Company (OOC). The Refinery will be built over an area of 900 hectares in the Duqm economic zone outside of the Straits of Hormuz and is strategically located to export refined products.

 

 



Kuwait: NBK Academy Celebrates Graduation of 20th Batch of Employees

07.01.2019

The National Bank of Kuwait (NBK) celebrated the graduation of its 20th batch of newly recruited employees from its annual NBK Academy which develops the skills of university graduates and qualifies them to work in the banking sector.

The ceremony was attended by the Chief Executive Officer - Kuwait at the National Bank of Kuwait, Mr. Salah Al-Fulaij, the Deputy CEO - Kuwait at the National Bank of Kuwait, Mr. Sulaiman Al-Marzouq and other members of the Executive Management.

Graduates who have ranked first this year were awarded for outstanding efforts in the duration of the program, attending lectures, practical training and on-site visits to branches.

During the four-month period of the program, the training phases of the Academy covered the various aspects of banking such as banking principles, risk management, teamwork, financial accounting, marketing, negotiation, consumer and commercial lending, in addition to practical trainings in rotating departments within the Bank during which they were mentored by internationally-accredited trainers to enable employees to gain specialized banking skills.

NBK Academy is designed to develop the theoretical and practical skills of trainees to prepare them to the banking sector and arm them with hands-on experience, as well as familiarize them with the Bank's business structure and culture to support their career development goals.