ASAR Al Ruwayeh & Partners Acts as Legal Counsel to the lenders in the financing of Kuwait National Petroleum Company Clean Fuels Project
ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most prominent business law practice, and one of the area's leading tier companies, has worked as legal counsel of National Bank of Kuwait, Kuwait Finance House and other financial institutions in respect of the traditional and Islamic financing of the Kuwait National Petroleum Company's (KNPC) clean fuels project. The project consists of the upgrade and combination of the two largest existing refineries in the nation, i.e., Mina Abdulla and Mina Al Ahmadi refineries. The project will enhance the integrated capacity of the refineries from the existing 736,000 barrels per day to 800,000 barrels per day, and will reduce the sulphur content of petroleum products to 5 %.
The overall expense of the project is KWD 3.4 billion (US$ 11.35 billion), and is part of the Kuwait's KWD 30 billion (US$ 100 billion) financial development plan.
The significance of this financing originates from that it is the very first financing to be acquired by KNPC and it is the largest KWD financing deal in the history of Kuwait and amounts to KWD 1,2 Billion (around US$ 4 Billion).
Rob Little, Counsel at ASAR stated: "Our involvement in a transaction of this magnitude is a testimony to the strong development of Kuwait based business. This most current deal highlights ASAR's abilities in servicing Kuwait's top tier business and financial institutions in the Kuwaiti market.".
Ibrahim Sattout, Partner at ASAR said: "We have actually been honored to work with and represent the lenders in this high profile transaction and we value the self-confidence and trust that the loan providers have actually put in our company. We look forward to continuing to help our customers in reaching their company and tactical objectives.".
John Cunha, Partner at ASAR stated: "Despite challenging economic times, this deal underlines the interest of the economic players in the oil sector and its advancement. This deal affirms ASAR's trusted participation with popular companies in numerous landmark projects that are part of the country's advancement strategy.".
With committed offices in Kuwait and Bahrain combined with its associated offices and relationships, ASAR provides customers throughout an extensive variety of industry sectors with extensive legal guidance and support for their company activities in Kuwait, across the GCC and beyond.
The company has actually been regularly ranked as the prominent business and industrial law company in Kuwait by reliable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. ASAR lawyers have actually also received multiple awards under different classifications in the Fourth Edition of 'Best Lawyers' in Kuwait.
