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."

Hapag-Lloyd and DSV logo side by side. Hapag-Lloyd and DSV sign 18,000-tonne CO2e reduction agreement for sustainable marine fuels  

Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. Corvus Energy to supply battery systems for Washington State Ferries hybrid vessels  

ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.




 Recommended