Dubai - Dentons advised Mashreqbank psc on the coordination of US$88 million club contracting finance facilities for the engineering, procurement and construction of a petrochemical production facility located in Fahud and Sohar in the Sultanate of Oman (LIWA). The facilities were used to finance the bonding of Tecnimont S.p.A for the construction work.
Mashreqbank acted as the sole book runner, mandated lead arranger and co-ordinator. Although Mashreqbank has previously supported Tecnimont S.p.A on other projects in the region, the LIWA represents the first major project that Mashreqbank has supported Tecnimont S.p.A in Oman. Dentons advised the banks on the structuring of the financing and supporting security requirements, covering the specific bonding requirements relating to the LIWA project construction, and the contract counterparty was Orpic Plastics LLC.
Dentons Middle East senior partner, Neil Cuthbert, commented, "We are delighted to have worked with Mashreqbank on another ground-breaking contractor financing involving the Maire Tecnimont Group".
The Dentons team was led by partner Neil Cuthbert and associate Annabel Levick, in Dubai, with support from partner Sadaf Buchanan and senior associate Justine Harding in Muscat.
Dentons’ leading Middle East Banking and Finance team operates at the industry’s forefront, working with international and local banks and corporates. Their integrated regional team is one of the most experienced and geographically diverse teams in the region, and has the market knowledge and experience to advise, innovate and deliver across a range of areas including: project finance, Islamic finance, capital markets, asset finance, real estate finance, restructuring and insolvency and contractor financing.
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About Dentons
Dentons is the world's largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons' polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com
Kerry Schultz
Senior Business Development & Marketing Executive
Dubai
+971 4 402 0872
kerry.schultz@dentons.com
© Press Release 2016
