ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most famous business law firm, and one of the region's leading tier firms, delights in to introduce that it has actually acted as Kuwaiti legal guidance for seven Export Credit Agencies (ECAs) and worldwide lenders in respect of the funding of Kuwait National Petroleum Company's (KNPC) fuel project, the largest project and the very first funding in KNPC's background. The ECAs associated with the financing consist of, Atradius Dutch State Business N.V, Nippon Export and Financial investment Insurance Corporation Trade, Korea Trade Insurance policy Corporation (K-Sure), SACE S.p.A, the Export Credits Guarantee Department (UK), Export-Import Bank of Korea and Japan Bank for International Collaboration. The financial institutions extending the financing under the ECAs insurance coverage include Bank of Tokyo- Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Socit Gnrale, Sumitomo Mitsui Banking Firm, Criterion Chartered Bank, BNP Paribas Fortis SA/NV, Crdit Agricole Corporate and Investment Bank, Natixis, Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander S.A. and HSBC,

The project includes the upgrade and combination of both largest existing refineries in the nation, i.e., Mina Abdulla and Mina Al Ahmadi refineries. The project will certainly boost the combined capability of the refineries from the existing 736,000 barrels per day to 800,000 barrels daily, and will decrease the sulphur material of petroleum products to 5%. The project is set up for completion in mid-2018.

The overall price 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) economic growth plan. The financing extended to KNPC by the global lenders under the cover of the ECAs amounts to US$ 6.25 billion and is the biggest ever ECA backed business facility. The US$ facility tranche is in enhancement to KWD 3.4 billion (US$ 11.35 billion) conventional and Islamic funding obtained by KNPC for the function of the project back in April 2016.

The importance of this site financing comes from the fact that it is the initial and biggest financing ever gotten by KNPC and among the largest ECAs financing worldwide.

The ASAR team associated with the purchase consist of, Rob Little, Ibrahim Sattout and Dania Dib. Rob Little, Advice at ASAR said: "We are pleased to have actually acted upon behalf of the ECAs and the international banks. Following our participation in 2015 in the local tranche of the funding of the project, our involvement in the global tranche is a testament to the stamina and depth of the confidence that the global financial institutions have put in ASAR. This latest offer highlights ASAR's capabilities in servicing global banks in the Kuwaiti market."

Ibrahim Sattout, Partner at ASAR stated: "A deal of this magnitude underscores the rate of interest of the financial gamers in the oil field and its growth. We are fortunate to have actually worked with and stood for the lending institutions in this high profile purchase and we value the confidence and trust fund that the lending institutions have actually put in our firm. We waiting to remaining to help our clients within their business and strategic objectives.

With devoted workplaces in Kuwait and Bahrain coupled with its associated workplaces and relationships, ASAR gives clients across a substantial series of industry markets with comprehensive legal recommendations and assistance for their business tasks in Kuwait, throughout the GCC and past.

The company has been constantly ranked as the top company and business law office in Kuwait by respectable lawful guides such as the Chambers Global Guide, International Financial Legislation Review (IFLR) and the Lawful 500. In 2016, ASAR was granted with the IFLR National Law practice of the Year Award; an award which ASAR has actually been thrilled to receive for the 8th consecutive year.

The firm additionally won the Best Restructuring Deal in the Middle East award by IFLR in 2014. Further, the firm won the respected "2014 Commercial Litigation Law practice of the Year" and the 2014 Best Banking and Finance Legal Team bKuwait awards from
Acquisition International Magazine in 2014. ASAR attorneys have actually likewise obtained multiple honors under different classifications in the 4th Version of Best Lawyers in Kuwait.