Global Private Equity Partners provides USD 1.8 Billion debt package to Oil Refining Company based in Middle East

The Oil Refining Company has signed a debt package of USD 1.8 Billion to finance construction of its second-stage oil refinery in the Middle East area.

NEW YORK, NEW YORK, UNITED STATES, February 23, 2021 /EINPresswire.com/ — Global Private Equity Partners provides USD 1.8 Billion debt package to Oil Refining Company based in Middle East.

The Oil Refining Company has signed a debt package of USD 1.8 Billion to finance construction of its second-stage oil refinery in the Middle East area.
The refinery will produce over four million tons of refined products per annum when completed, including 2.3 million tons of Euro V diesel, the cleanest fuel of its type in the world.

“We are delighted to announce the debt package for what we believe stands as one of the largest project finance deals ever assembled in the region,” says Global Private Equity Partners’ Managing Project Leader. “The Refinery has won outstanding backing from Global Private Equity Partners because it will have a notable effect on both economy and on the environment. It has enjoyed the full in-house assistance and support of Global Private Equity Partners.”

The debt package includes USD 1.6 Billion of senior debt and USD 200 Million of subordinated debt. First drawdown under the senior debt facilities is expected in the coming two months.

The refinery will sell its production to the state-owned Petroleum Corporation under a 25-year offtake agreement at international prices.

“Considering the operational, financial and regulatory complexity of building a refinery today, the signing of the debt package has come together remarkably quickly,” says Chief Executive Officer of the Refining Company. “All thanks to professional advice and support from Global Private Equity Partners.”

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Source: EIN Presswire