Mon 25 Feb 2013 08:38

'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."
Martin Vorgod, CEO of Global Risk Management. Martin Vorgod elevated to CEO of Global Risk Management  

Vorgod, currently CCO at GRM, will officially step in as CEO on December 1, succeeding Peder Møller.
Dorthe Bendtsen, KPI OceanConnect. Dorthe Bendtsen named interim CEO of KPI OceanConnect  

Officer with background in operations and governance to steer firm through transition as it searches for permanent leadership.
Bunker Holding's executive management team, from left to right: CCO Anders Grønborg, COO Peder Møller, CEO Keld R. Demant and CFO Michael Krabbe. Bunker Holding revamps commercial department and management team  

CCO departs; commercial activities divided into sales and operations.
Image of a bunker delivery being performed by Peninsula's Hercules 8000 tanker vessel. Peninsula extends UAE coverage into Abu Dhabi and Jebel Ali  

Supplier to provide 'full range of products' after securing bunker licences.
A screenshot taken from Peninsula's homepage on October 4, 2024. Peninsula to receive first of four tankers in Q2 2025  

Methanol-ready vessels form part of bunker supplier's fleet renewal programme.
Stephen Robinson, pictured on his appointment as Head of Bunker Strategy and Procurement at Tankers International. Stephen Robinson heads up bunker desk at Tankers International  

Former Bomin and Cockett MD appointed Head of Bunker Strategy and Procurement.
Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.
Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.
Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.
Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.

↑  Back to Top


 Related Links