Kuwait's most prominent corporate law firm, Al Ruwayeh & Partners (ASAR), represented Kuwait Finance House, National Bank of Kuwait and other Kuwaiti financial groups in connection with financing the Kuwait National Petroleum Company's (KNPC) clean fuels project.
The project calls for the improvement and integration of Mina Abdulla and Mina Al Ahmadi refineries, the two largest refineries in the country. The clean fuels project will lower the sulphur content of petroleum products to 5 percent while increasing the total capacity of the refineries to 800,000 barrels a day from the current 736,000.
“Our involvement in a transaction of this magnitude is a testament to the solid development of Kuwait based companies,” ASAR Counsel Rob Little said. “This latest deal highlights ASAR's capabilities in servicing Kuwait's top tier companies and financial institutions in the Kuwaiti market.”
The project is part of Kuwait's economic development plan, which is slated to cost nearly $100 billion. The clean fuels initiative calls for $11.35 billion in funding.
“We have been honored to work with and represent the lenders in this high profile transaction and we appreciate the confidence and trust that the lenders have put in our firm,” ASAR Partner Ibrahim Sattout said. “We look forward to continuing to assist our clients in reaching their business and strategic objectives.”
Financing for this initiative is the largest financing transaction in Kuwait’s history at approximately $4 billion, increasing the importance of the project’s success.
“Despite challenging economic times, this transaction
underlines the interest of the economic players in the oil sector and its
development,” ASAR Partner John Cunha said. “This deal affirms ASAR's
trusted involvement with prominent organizations in numerous landmark projects
that are part of the country's development plan.”