Sign up
Log in Sign up
Mon 25 Feb 2013, 08:38 GMT

'Successful' financing of Fujairah Oil Terminal


Borrower has long-term storage contracts with Singapore and Hong Kong firms.

International law firm Hogan Lovells Lee & Lee says it has advised the mandated lead arrangers on the 'successful project financing' of the Fujairah Oil Terminal in the Middle East.

The complex loan, security and swap package for US$251,860,000 was arranged by Crédit Agricole Corporate and Investment Bank, First Gulf Bank PJSC, Maybank Investment Bank Berhad, National Bank of Fujairah PSC, Natixis, Dubai Branch and The Bank of Tokyo-Mitsubishi UFJ, Ltd, Dubai Branch regulated by DFSA. .

The borrower is a special purpose company set up in the Fujairah Free Zone having key long-term storage contracts with Concord Energy Pte Ltd of Singapore and Sinomart KTS Development Limited of Hong Kong, a subsidiary of Sinopec Kantons Holdings Limited.

Built in accordance with international standards, the crude oil and petroleum product storage terminal has an estimated capacity of 1.155 million cubic metres to store crude, fuel oil, gasoil, gasoline and jet fuel..

The Fujairah Oil Terminal is expected to commence operations in 2014..

The Hogan Lovells team was led by James Harris, Singapore Office Managing Partner, with a team from the offices in Singapore, Dubai, Hong Kong, London and Washington, D.C..

Commenting on the transaction, Harris said: "This project financing is very significant in the current market, and we are pleased to have worked alongside the mandated lead arrangers and the sponsors to help achieve a successful financial close for this project."

Peter Keller, SEA-LNG. UK P&I Club joins SEA-LNG coalition to support LNG marine fuel adoption  

Insurer brings 50 years of LNG experience to methane pathway coalition focused on maritime decarbonisation.
FCM LNG fuel supply system render. Alfa Laval launches LNG fuel supply system with cryogenic technology  

Swedish firm unveils FCM LNG system for LNG-powered vessels, with marine deliveries planned for 2027.
Union Maritime's chemical tankers with Anemoi Rotor Sails. Union Maritime orders Anemoi rotor sails for two chemical tanker newbuilds  

Wind propulsion technology to help shipowner exceed IMO 2030 greenhouse gas reduction targets.
Iona vessel. Lloyd's Register completes Europe's first major LNG cruise ship dry docks with Carnival  

Iona and Mardi Gras projects required 18 months of planning and in-service passenger inspections.
Anglo-Eastern's ammonia pilot training course. Anglo-Eastern completes pilot training course for ammonia-fuelled vessels  

Ship manager prepares crew ahead of first ammonia-fuelled vessel takeover with inaugural training programme.
Burando Atlantic Group 2025 sustainability report cover. Burando Atlantic publishes first sustainability report, secures ISCC EU recertification  

Maritime group releases inaugural sustainability report while Burando Energies extends biofuel traceability certification.
Conceptual illustration of high-power marine fuel cell unit. ABB and HDF Energy to develop high-power fuel cells for large ships  

Joint development targets megawatt-scale hydrogen fuel cell units for container feeders and liquefied hydrogen carriers.
Chart showing Singapore TTM bunker sales, Aug '22 - Nov '25. Singapore bunker sales break new ground as TTM volumes surpass 56m tonnes  

Trailing 12-month bunker sales rise to new all-time record at Asian port.
Bow Leopard vessel. Odfjell launches operational green corridor between Brazil and Europe using biofuel  

Chemical tanker operator establishes route using B24 sustainable biofuel without subsidies or government support.
United LNG I vessel. Somtrans christens 8,000-cbm LNG bunker barge for Belgian and Dutch ports  

United LNG I designed for inland waterways and coastal operations up to Zeebrugge.




 Recommended