Alizz Islamic to fund Orpic petcoke storage facility

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Alizz Islamic to fund Orpic petcoke storage facility

Jun 5, 2017 9:44 AM

Oman Oil Refineries and Petroleum Industries Company (Orpic) and Alizz Islamic Bank have signed an agreement to provide Islamic financing facilities for the construction of a petroleum coke (petcoke) storage facility at the company’s refinery complex in Sohar, said a report.

The agreement was signed by Salaam bin Said Al Shaksy, CEO of Alizz Islamic Bank and Ahmed Saleh Al Jahdhami, CEO of Orpic, said a statement from the company.

The signing ceremony was led by the project finance team at Alizz Islamic Bank, which has extensive experience in providing structured financing solutions that comply with the principles of Islamic Sharia, and was attended by a number of senior officials from the organisations, it said.

This is the first agreement of its kind in which Orpic avails shari’a complaint financing, it added.

Alizz Islamic Bank offers various structured financing solutions that are designed to meet all the development requirements in various sectors such as in the oil and gas, energy, infrastructure (roads, ports, airports), communications, transport, contracting, machinery, equipment, manufacturing, education, healthcare, tourism and hospitality.

Al Shaksy said: “We are delighted to partner with Orpic in building its petcoke storage project. The signing of this agreement is in line with our strategy to support and finance various projects in the sultanate and contribute to the growth of the local economy.”

“Islamic financial institutions have created a variety of banking products and services that meet all the financing needs of government owned entities and corporations operating in Oman,” he said.

Al Jahdhami said: “This agreement with Alizz Islamic Bank will provide us with the groundwork to continue our achievements in the construction of important national projects.”

“Alizz Islamic Bank is one of the important local banks that offers strategic solutions and we are proud to strengthen our relationship with them and build a partnership for future project financing,” he added. – TradeArabia News Service